Insurance often sits in the background for years. You may have arranged it when buying a home or starting a family. Since then, your circumstances—and what you need from your cover—may have changed. A review is an opportunity to understand what you have, not an automatic reason to buy more or switch insurers.
1. Gather your current cover details
Find your policy schedules and renewal notices. Check who is covered, who owns each policy, sums insured, premium structure and whether benefits are linked. For group cover, find out what may happen if employment changes.
2. Think about your financial commitments today
List ongoing mortgage or rent payments, household expenses, childcare and support for dependants. Consider how long you could manage if someone were unable to earn, and how much savings or existing cover might help.
3. Read beyond the headline benefit
Life, trauma, TPD and income-protection products respond to different situations. Definitions, exclusions, waiting periods and maximum benefit periods are often just as important as the dollar amount.
4. Look for both gaps and overlaps
You may have cover through work, separate policies and ACC support for qualifying injury. Some benefits overlap; others serve different purposes. A review should consider how policies interact before treating any apparent duplication as unnecessary.
5. Understand the consequences of changing policies
A replacement policy may have new health questions, different exclusions, higher premiums or waiting periods. Do not cancel existing cover before any proposed replacement is assessed, accepted and its conditions understood.
Questions to take to a review
- What event is each policy designed to cover?
- Are any benefits linked or reduced by other payments?
- What has changed in my family, income or mortgage?
- Which terms would change if I switched insurer?
General information only. Recommendations should be made through IFO Peace of Mind Advice Limited’s approved personal insurance advice process.
Questions to take away
Which facts about my own situation matter most? What exclusions or eligibility rules still need checking? Who will give any personalised advice, and how can I review their disclosures?
This is general educational information. Confirm current rules and your circumstances with an appropriately authorised adviser.
General educational information only; individual circumstances, eligibility and policy terms must be considered before making decisions.