What is a life assurance review?

February 23, 2012

A life assurance review is a simple process that involves looking at what life assurance policies you currently have, what level of life assurance you should have, based on your current circumstances and seeing if they match up.  It also involves doing a price check on your existing policies to make sure you are not paying too much every month.

There are a number of reasons why someone should carry out a review – your family may have gotten bigger, which results in a need for more cover or your children may have grown up, which will normally result in your financial responsibilities reducing. You may have given up smoking, which will result in considerably lower life assurance premiums once you have been a non smoker for at least 12 months or it could even be something as simple as life assurance premiums reducing across the board.

The simple steps involved in a life assurance review with Med Protect are as follows;

1.  Contact us HERE to organise a call or a meeting.  We can do this over the phone and email or else we can call to you.  We will ask you some questions to determine how much cover you should have based on your income, family situation etc.

2.  You sign a letter authorising us to get up to date information on your existing cover from the various life assurance companies to make sure we are dealing with fact and we are aware of all the benefits that your policies offer you.

3.  We compare your existing cover with the cover that you should have or that is available to you at a better price with either the same life assurance company or another life assurance company.

4.  We meet with you to talk you through our findings and any recommendations that we might have.  It is then up to you to determine whether or not you would like to proceed with our recommendations.  Either way, there is no cost to you for this service.

 

A life assurance review is always worth while.  Worst case, we find that the level of cover that you have and the price that you are paying for it is fine and you end up with a simple sheet or booklet detailing exactly which policies you have, why you have them, which life assurance company the policiy is with, what you are paying for them and when they are due to expire.  In the vast majority of cases, there is always a way to save money.

We strongly advise you to take the next easy step and contact a Med Protect advisor on 1890 254 000 or through the contact form HERE.  It’s very quick, easy and there is no cost.