One simple reason; your risk situation changes. Surprisingly so. I have found many situations where what was covered and covered reasonably well, is not only months later.

For example, a new client I was talking to had a cover that was only a few months old. The situation had changed quite quickly following a relationship break up, quite a bit of debt had been taken on as a result. The life cover taken was no longer sufficient to cover this and the repayment insurance they had, now has a significant shortfall.

Another client after reviewing their situation, a month later comes back. Oh yes, by the way, we have bought an investment property and effectively doubled our mortgage. Quite a change in risk there too.

Risk things can be quite stable for long periods; they can change quickly as well. The following are situations where your risks may change, and your personal insurance needs a review. Sometimes it is quite simple and can save you premium, other times it can be a little complicated. Remember you do not know what you do not know, and it can hurt you.

Key triggers for reasons to review your risk planning are:

• Getting married
• Buying a house
• Having children
• Changing job
• Change in health

Then there are the finer reasons and sometimes not so pleasant reasons:

• 2 years into a relationship before getting married
• Relationship split, divorce, separation
• Upgrading the house
• Increasing or decreasing debt
• Buying / Selling an investment property
• Buying / Selling a business
• Adopting a child
• Dependents coming of age.
• Children having your grandchildren
• Relatives becoming dependent on you
• You becoming dependent on relatives
• Promotion at work, more income
• Cutbacks at work, less income
• Career changes
• Starting work
• Stopping work
• Becoming self-employed
• Retiring
• Becoming employed after being self-employed
• Taking on or changing business partners
• Taking on staff
• Reducing staff
• Health changes which increase your risks, protect the cover you have maybe access more under your current policy terms.
• Health changes which reduce your risks, increase or modify existing cover for better terms. Less premium or fewer exclusions or both
• Stop smoking, reduce your current premiums
• Kids start school
• Kids move schools
• Kids head off to university
• Kids head off to work
• Moving overseas
• Returning from overseas

There are many more, but every one of these situations changes your risk.

Book an appointment now to schedule your review 

or give me a call and have a chat about your options.

The information is only intended to be of a general nature and should not be relied upon in any part without obtaining full details of the products and services by contacting Willowgrove Consulting Limited. All product and service details, terms, conditions and other information are subject to change at any time without notice. Terms, conditions and fees apply to the various products and services and are available on request. A disclosure document will be provided to you on request free of charge.