As you go through life, your priorities and responsibilities may change. The insurance policies you once had may no longer be relevant to your current needs. That’s why it’s essential to review your policies regularly to ensure you have the appropriate coverage.
Here are some instances when you should review your policies:
- Major Life Events.
Getting married, having a child, buying your first home, or starting your own business are all major life events that may require a change in your insurance coverage. As your priorities shift, your insurance needs may change as well.
- Lifestyle Changes.
As you climb the corporate ladder or approach retirement, your income and expenses may change. It’s important to review your policies to ensure that the coverage and premiums paid can meet your evolving needs.
- Regulatory Changes.
Regulations on certain policies, such as Integrated Shield Plans and CareShield supplements, may change due to nationwide initiatives like MediShield Life and CareShield Life. It’s also possible for the Life Insurance Association or MAS to implement new changes to ensure clarity and expectations are met. Be sure to review your policies to ensure that you’re aware of any regulatory changes.
- New Trends and Needs.
Insurance policies have evolved significantly over the years. While insurance policies used to only cover death, policies now cover critical illness, early-stage critical illness, and income protection. It’s essential to review your policies regularly to stay updated on new types of coverage or policies that could fill a gap in your coverage.
- Before Buying a New Policy.
At times, we may forget that we already have a policy and buy another one with similar coverage. Before you add on your coverage, it will be good to review what you have at the moment, before deciding on the new policy.
- Every 1 to 2 years.
If you forget to review your policies regularly, set a reminder to review them every 1 to 2 years. By doing so, you can ensure that your policies still meet your needs.
In conclusion, reviewing your insurance policies regularly is critical to ensuring that you have the appropriate coverage for your current needs. By keeping up with any regulatory changes, new trends, and major life events, you can protect yourself and your loved ones from unexpected financial burdens.