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Servicing your life insurance policy

Why should I review my life insurance policy?

Over the last 10 years, many companies have exited the Life Insurance market, potentially leaving you with a policy that is stranded in a business where Protection is no longer at the core of what they do and may not represent best value or cover.

At the same time newer companies have come into the market, and shaken up the status quo with new and innovative products, rates and member benefits.

These new entrants are fighting hard to win new business and are offering levels of cover previously unavailable in the market. Many of these companies have Critical Illness cover that provides protection against 50-60 illnesses, where previous policies only cover 20% of these.

Another great reason to review your life insurance is due to a change in legislation. The consumer Insurance Act became law in 2013 and was the first major change to effect the relationship between the life insurance provider and you the customer for 100 years. Prior to this legislation coming into force in 2013, the onus was on the customer to disclose anything that may affect the Insurance policy to the provider, regardless if the question wasn’t specifically asked in the application process. Failure to disclose something you may have thought as innocuous could lead to the pay out of the claim being denied. After the legislation the onus was switched so that the Insurance Company had to ask all of the questions specifically and if a question wasn’t asked it couldn’t be deemed as a non-disclosure.


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