Life changes so rapidly that people are often unaware of how it can affect their insurance or investments. That’s why it’s so important to regularly review your financial products, and make sure they accurately reflect your circumstances.
Below is a checklist to help determine quickly and easily whether your current insurance or investment product is still appropriate and adequate for your circumstances and future needs. Since purchasing that product, have you:
- Increased or decreased your mortgage(s)?
- Changed homes?
- Entered into a new relationship?
- Separated from your partner or spouse?
- Had more children?
- Had children turn 21?
- Established a family trust?
- Changed trustees of your trust?
- Changed occupations?
- Had a pay increase or decrease?
- Accumulated a sum of money that enables you to now push your income protection wait period out to a longer date, thereby lowering your premium?
- Stopped smoking?
- Had a change in health that may trigger a removal of an exclusion or loading on your insurance?
- Retired or stopped work?
- Transferred the ownership of your home or other insured assets to a family trust?
- Changed from salaried employment to being self-employed?
- Changed your goals?
- Started or stopped other insurance policies – including any group schemes and medical insurance?
- Been hospitalised?
- Received an inheritance or sold a business or investment property?
- Established a KiwiSaver account that is in a default fund?
- Developed a regular monthly surplus that you now wish to know where to invest?
- Noticed a change in economic conditions that make you concerned about your investments?
If any of the above events have occurred since we last met, or if you’ve experienced a similar event not listed here, please contact me as soon as you can so we can discuss the change and review your insurance or investment products.