Life insurance is a very personal product that is specifically tailored to each individual. Because of this, it is important to regularly review your cover to make sure it is keeping up with any changes occurring in your life. Here are some easy ways you can make sure your life cover is up to date and suitable for your family’s needs.
Keep Your Contact Info Up to Date
Life insurance policies are taken out over long periods of time and your contact information may have changed. Ensure you provide your servicing agent with any new contact details you may have, including a change of your address, phone number, email address or even your name, as well as details for your next of kin and family members. These details are important should a claim need to be made.
Does Your Cover Match Your Current Circumstances?
We all know that things change, that’s just a part of life, but is your insurance keeping up? Whether you’ve moved house, welcomed a new addition to the family or your children have flown the nest, it is important to review and update your life cover every few years to make sure it is still relevant to your circumstances.
Keep Your Family Up to Date
Make sure your loved ones are aware of your policy and have all of the relevant information they would need to make a claim. This includes the contact details of your servicing agent, insurance provider and policy details. Our handy guide to making a claim will tell you everything you need to know.
Check Your Trust
Your trust may have been set up years ago and relationships may have changed. If your children have since reached the age of 18, they can be added to the trust as trustees. It is also possible to add and remove trustees and beneficiaries to match your current wishes.