Are you considering replacing an insurance policy?

In this Advisr Experts Opinion, we hear from Greg Dobrin, of Sureserve Financial Services, who helps to think through the pros and cons to consider when you are looking to Replace Insurance Policies.

Replacing Insurance Policies

Insurance companies regularly change the benefits and features of their policies to make their policies more competitive.  Insurance companies will often introduce new features to their products to become a market leader. So if you are considering replacing insurance policies, then there are a few areas to consider. 

For example, some legacy policies have features that are unsustainable. For example, the lifetime benefit on some older income protection policies – where the income protection benefit is guaranteed till the person dies or returns to work – modern policies may have an age 65 or age 70 expiry.

Sometimes people will have loadings or exclusions on their policies that may no longer be appropriate, or their circumstances have changed so that the loadings or exclusions may be able to be removed.  Often insurance companies change or relax their underwriting policies which allow clients to take advantage or less conservative underwriting.

Ultimately it is good practice to review your personal insurance policies on a regular basis.  If you are considering replacing insurance policies, the you should always consult a professional financial adviser who will understand the benefits of each policy and ensure any changes place you in a better position.

 

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Greg Dobrin

I am a Financial Planner with 24 years of financial services experience including operations, sales, IT and project and product delivery. I hold a Comprehensive Financial Planning qualification as well as also holding both a Law and Economics degree. I like to help people, and whilst it is terrible when things go wrong for my clients, it is great to know that I have put in place measures that protect people, and whilst I cannot alleviate physical pain, I can help financially.

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