An insurance review may not be top of mind for most people, but it’s arguably the most important service you can get from your AdviceFirst Adviser. In fact, many insurance reviews have unearthed very good news for our clients. These recent examples may make you think twice about the state of your current insurance and whether it might a good idea to book that review.
For instance, one of our Advisers met with a client who hadn’t reviewed their policy for over five years. He discovered the client was unaware of a medical loading on their policy which meant they were paying additional premiums to their insurance company. The client’s health had improved in recent years, so they got up-to-date tests done and collected the health information for the insurer to review the loading. Once the loading is reviewed and removed from the policy, the client’s total premium payments will reduce by almost 50%.
It means a huge saving for the client and demonstrates what can happen when you have a review with a knowledgeable Adviser who puts in extra effort to improve the terms of your cover.
Another Adviser recently reviewed the Income Protection policy for a 61 year-old client who was concerned about whether they could afford the cover, and if they even needed it now that the mortgage was paid and the children had left home.
In the review discussion, our Adviser discovered the client had had cancer in the past 12 months, but as he wasn’t off work for long, he didn’t think to let AdviceFirst know. In fact, our Adviser found the client could get a lump sum payment of $30,000 because his Income Cover had a benefit of 3 months’ income built into the policy.
The result was a cash payment for the client, with no impact on the current cover, and, once it was explained how it could benefit him long-term and into retirement, he decided to keep the “level premium” policy in place.
There are many more examples of how a review can be life changing:
Like the client who called one of our Advisers to cancel his trauma cover because it was going to expire in 5 years, and then just happened to mention the triple bypass operation he’d had only two days previous. Instead of cancelling the policy, our Adviser got to work on a claim and $50,000 was paid to the client a week later.
Or the many people who are paying income protection premiums, despite the fact that they no longer work for an income.
There are also couples who have divorced, and their ex-partners own their policies, or have married or remarried which has voided their will. Yet another example of a potential mess which can be avoided with help from an expert Adviser.
A review gives you the chance to align your cover with your current circumstances which can result in a reduction in premiums or many other benefits.