The beginning of a new calendar year is a great time to hit the ‘reset’ button and start with a blank slate. With a fresh list of new year’s resolutions in hand, and perhaps a new exercise regimen ready to go, do you need to make changes to your insurance cover too?
Here are nine signs that it might be time for a change.
You haven’t checked in on how your products compare to the market for a while
It’s not only people who change – products do, too. If you’ve not run a ruler over yours recently, now may be a good time to do it, with our help. As Insurance advisers, we can help you work out whether the policies you have in place are still right for you – and what would be the most cost-effective options for your circumstances.
Your concerns are different
When you first took out an insurance policy, you had certain priorities, but over time your circumstances may have changed. For example, you might be interested in getting cover for non-Pharmac treatments or ensuring you have income protection policies in place. Get in touch if you’d like to discuss what types of cover are the right fit for your current situation.
You’ve gone into business
Being self-employed can throw up a whole lot more insurance questions. You may need cover for your business, your stock and assets and your key people. You might also want to get some advice on whether you should opt for ACC CoverPlus or CoverPlus Extra. Once again, we’re here to help.
Your relationship status has changed
Whether you’ve tied the knot or separated, it’s important to check that your Insurances are appropriate for your new situation. Perhaps, your combined income allows you to raise the level of your cover, or you’re now relying on one income but, at the same time, your Insurance needs have reduced.
Your health has changed
Sometimes, when you take out a policy, there’s an exclusion that applies for a set period, but you can ask to have it reassessed if a health condition goes away or does not recur. Plus, if you were a smoker when you applied for Insurance, but have been smoke-free for more than 12 months, you can notify your Insurance provider and they will likely offer you (significantly lower) non-smoker rates.
You want to fix your costs
If you’re young, you may be able to lock in a level premium option that will keep your policies much more affordable throughout your life. Level premiums usually start higher than their age-related (stepped) counterparts, but they don’t increase with age.
It can be a good option for policies that you expect to have for a long time. Please contact us if you’d like to learn more.
You can afford to spend more on insurance
Did budget constraints factor into your decision to opt for the barest minimum, when you took out your insurance policy? You might find that being able to spend even a little bit more on premiums can give you access to a much more comprehensive cover.
You’ve had kids or are planning to
Having children can change your perspective on things, including the potential risk you may face and the need to protect your financial future.
If you have new little members of your family, you may want to increase your cover. Keep in mind that some insurance providers also allow families to add their kids on to trauma or health policies without any underwriting and at low cost.
You want to better target your health cover
Health insurance can be invaluable but there’s no one-size-fits-all. You might be interested in everyday cover or a full suite of comprehensive insurance – or maybe just protection for surgery or major hospital stays. It’s worth looking at what you have in place and whether it’s a good fit.
Have an insurance question?
We have answers. If you’d like to work out whether your insurance needs an update, please get in touch. We’ll be happy to help.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.