There is a general misconception that insurance purchase is a one time thing, but it’s not — it requires a periodic assessment of the changing circumstances in your life, and a thoughtful evaluation of whether you require additional protection against any new risks that may have come up.
Whenever a new life event occurs, you should consider reviewing your insurance coverage. This can mean anything from adding a new type of coverage, to raising or lowering your deductibles on existing premiums.
Here are a few examples of new life events that could require you to re-assess your insurance policies:
Marriage: You may want to add your new partner as a beneficiary on your existing life policy.
Divorce: You may want to remove your former partner as a beneficiary of your life insurance policy.
Birth or adoption of a child: The best time to get a junior insurance plan is immediately; you may want to consider purchasing the policy after the birth or adoption of a new family member – remember, it will never be cheaper than now!
Death of a family member: Nothing reminds us of our own mortality than the sad passing of a family member. Now might be a good time to review your existing policies to cater to your funeral costs and ease the burden off your loved ones, when your time comes.
Purchase of a new vehicle: Sacos has introduced complementary insurance covers, from additional protection for your windshield to a special package on the Personal Accident add-on cover, exclusive to drivers with fully comprehensive motor insurance policies.
Unfortunate circumstances are constantly ensuing and not having the foresight to keep your policies updated might prove to be a terrible mistake.
Recently experienced a new life event and need advice on updating or adding to your policies?
Pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence) or call us on 429 5000 or send an email to email@example.com. We’ll be more than happy to assist you!