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Updated: Nov 30, 2021

“I had an insurance policy. My parents bought it for me when I was still young. I already have enough coverage. I don’t need new coverage.”

“No need to do policy review for me. My coverage is enough. I do not need an upgrade. When I feel I need and I want to do a policy review, then I will contact you.”

Does this sound familiar to you guys?

Yes. This is how we usually reject our agent. We always worried the agent will hard-sell an insurance policy to us. And all this policies review is just a sales tactic from the insurance agent.

Is policy review sooo important for us to make sure we get good coverage on life, critical illness, and medical which caters to our financial needs?

Hmmm… I don’t know?

So, do insurance policies need to be reviewed? For me, yes!!! Because Life insurance policies are not something you buy once and never revisit. It is important to review your policies periodically.

The reason behind this is to ensure that you continue to have adequate protection for the future of your loved ones and to safeguard your income-earning abilities despite all the life changes you may go through.

So when do I need to do my policy review with my agent? Once a year? Every 2 years or every 5 years? Well, it depends on the individual.

Some will do it once a year. Some prefer every 2 years. But perhaps you can look into these 3 important life events to review your insurance coverage.

Number 1, When your relationship changes. Ok. Here we are not talking about Facebook relationship status ar. But a permanent relationship change, such as kahwin, cerai ke? Or welcoming a new member into your happy family. As a rule of thumb, whenever you welcome addition to your household, schedule a review of your insurance policies. You may want to include this new person as a beneficiary of your policy or consider their living expenses to ensure that your sum assured will cover this too. The new addition isn’t just limited to a new child; it could also refer to an ageing parent or a relative who has moved into your household. While it is ideal for parents and older siblings to retire with sufficient funds to live independently, health issues or certain limitations often mean they may rely on you to get by financially and physically. Take their retirement needs and expenses into account when reviewing your policy so that their living costs will be taken care of in the event of your absence.

No. 2, When your career changes. Congratulations! You get a promotion in your job. Or, you are getting a new job with better pay and bonus. Happy for you. Or you are starting a new business. All of this calls for new financial decisions to be made. When you have a salary increase, perhaps you want to increase your insurance coverage to meet your lifestyle needs and increase your financial cushion? Or, if you are losing a job and there is a need to cut down on expenses, perhaps you can talk to your agent after a thorough policy review. You are either pausing your premium payment for the short term or making some adjustments to the monthly premium.

No. 3, When you experience a financial change. When you commit to a financial loan to purchase a car or home or apply for a personal loan like an education loan, take the value of the loan’s instalment and its duration into consideration. You could also include short-term debts such as sizeable credit card bills into the calculation. The purpose of doing this is to ensure you do not saddle on your loved ones with the responsibility of servicing these debts in your absence.

So, Have you allocated a sufficient amount to service the debt if you cannot pay the instalment? Ensure that your life insurance policy provides for this expense. Think about it. If you find it difficult and need help to review your current coverage policy, you can contact us at Gratitude. We are happy to help you.

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