Marking the New Year: A Perfect Time to Review Your Insurance Cover

The New Year brings a sense of renewal and an opportunity to reassess various aspects of our lives. Among the resolutions to eat healthier, exercise more, or save money, one area often overlooked is your insurance portfolio. Reviewing your insurance coverage at the start of the year ensures that you and your loved ones are adequately protected for the year ahead.

Why Many Families Are Inadequately Covered

Life evolves quickly, and significant changes can leave individuals and families unknowingly underinsured. Here are some contributing factors:

1. Life Changes
   Milestones such as marriage, having children, buying a home, starting a business, or retiring can drastically alter financial and insurance needs. Without a corresponding review coverage may no longer align with your current situation.
2. Policy Overlook
   Once set, insurance policies can be forgotten. Over time, coverage limits or benefits may become inadequate, particularly with inflation or lifestyle changes.
3. Assumptions About Existing Coverage
   Many people assume their workplace insurance or previous policies are sufficient, but these often have limits that might not protect your family in unforeseen circumstances.
4. Evolving Financial Goals
   A change in income or financial priorities, such as planning for your children’s education or saving for retirement, can mean your insurance needs recalibrating.
5. Market Changes
   Insurance products evolve, offering new features or better value for your money. Staying with an outdated policy may mean missing out on improved benefits.

What to Consider in an Insurance Review

A thorough insurance review ensures you’re prepared for the unexpected and have the right protections in place. Key areas to examine include:

1. Life Insurance Coverage
   • Does your policy provide enough financial security for your family if something happens to you?
   • Has your level of debt or the number of dependents changed?
2. Health and Disability Insurance
   • Are you covered for unexpected medical costs, or does your policy include critical illness or income protection if you’re unable to work?
3. Home and Contents Insurance
   • Are your home and belongings adequately protected against risks such as natural disasters or theft?
   • Has the value of your property or possessions increased?
4. Business Insurance
   • If you own a business, does your policy cover potential liabilities, income loss, or asset damage?
5. Policy Details
   • Are there gaps in coverage, exclusions, or outdated beneficiaries?
   • Are your premiums competitive for the level of coverage you need?

Why Engage a Trusted Adviser

The world of insurance can be complex, and navigating policies, exclusions, and fine print can feel overwhelming. Partnering with a trusted adviser ensures that:

• Expert Analysis: An adviser can assess your unique needs and recommend tailored solutions.
• Comprehensive Review: Professionals know how to identify gaps and overlaps in your existing coverage.
• Market Insights: They stay updated on the latest products and policies, ensuring you have the best options available.
• Support During Claims: Should you need to file a claim, an adviser acts as an advocate, helping to navigate the process smoothly.

Take Action Today

The New Year is a perfect reminder to prioritise your family’s financial security. At Eureka Financial Services, we specialise in helping individuals and families in New Zealand build robust protection portfolios. Let us help you navigate your insurance options and ensure your coverage aligns with your life’s needs and goals.

Contact us today for a comprehensive insurance review. Together, we’ll ensure your peace of mind knowing your loved ones and assets are well protected.