Annual Insurance Reviews keep protection relevant and current

At Continuum Financial Planners Pty Ltd, insurance reviews are recommended to be undertaken on a regular basis. We believe that just as any business or financial plan should be reviewed on a regular basis, so should your wealth protection portfolio. life-insurance-review-service

On an annual basis, timed around the anniversary of one of your key policies, we offer an insurance review process that will raise with you all of the relevant questions as to why you hold the policies in the first place:

  1. are those reasons still current?
  2. is the level still appropriate?
  3. have any relevant circumstances changed?

Insurance against Personal Risk is a Wealth Protection Strategy

Your personal risk insurance (often referred to generically as life insurance) is an important part of your financial plan: whether that ‘plan’ is an informal one; or a formal, documented wealth protection strategy. As an important element of your wealth management process, each Personal Risk Insurance policy is designed to serve specific strategic purposes – and the type of cover; the amount of the cover; and who should be the owner of the respective policies all need careful calculation and consideration.

What circumstances should prompt an insurance review?

Changing circumstances that can impact on the effectiveness of your insurance cover, include –

  • employment status;
  • salary level;
  • marital status;
  • financial dependants; and even
  • smoker status.

Interestingly, many of these circumstances should also be ‘triggers’ to review your Will and Estate Plan generally.

Securing an annual insurance portfolio review

These reviews are undertaken at no cost to you if we manage your insurance portfolio as the ongoing commissions we receive are designed to meet our cost of providing the service. If you have not been offered a review of your insurances in the past twelve months, please contact our office to arrange either:

  • for us to be appointed managing adviser to your insurance portfolio; or
  • if we are managing the portfolio, to make an appointment.

The experienced advisers at Continuum Financial Planners Pty Ltd have access to a range of insurance providers; as well as to strategies that serve individual purposes. Our mantra is that – ‘we listen, we understand; and we have solutions’ that we communicate in personalised, professional wealth management advice. To meet with an adviser and ensure your best interests are being served through your wealth protection plan, call our office on 07-34213456, or our online Contact Us facility to arrange your next insurance review.

This article was initially published in August 2009: it has been updated/ refreshed occasionally, most recently during January 2020.)