Peter Griffin Planwise Financial Services

What you need to know before making changes to your insurance policy. Life doesn't stand still and neither should your insurance policy.

If you are advised or encouraged to replace your policy, you need to be sure that this is the right decision for you both now and in the future.
Below, is a brief overview of some of the key things you need to be aware of and take into consideration when thinking about replacing your insurance policy.
Since you took out your insurance policy has your health changed?
If so, any medical condition you have developed since then could be excluded from your new cover or you may end up paying more for it. Your new cover may be cheaper now but will it be over time?
Are the premiums fixed so they won't change over time or do they increase each year with age? Don't make a decision on cost today – make sure you consider the cost over time.
Do you trust the insurer to be there if you ever make a claim?
The financial strength rating is a measurement that summarises the risk of an insurer defaulting on its obligation to pay claims. It's important to know the financial strength of insurance providers.
Will the new policy give you the same or more cover than your current policy?
Make sure you know what the policy covers you for. Have you read the fine print?
There are subtle differences between policies, so make sure you are aware of them. If you are thinking of changing your cover or want some advice, talk to a Planwise adviser today.