We all are fairly used to amending our short term insurance to ensure the best possible premiums and to keep up with the changes in our needs. It is however a lesser known fact that changes in our personal lives can have an impact on the premiums of our life insurance products as well. Insurance companies use a certain set of risk criteria to determine our premiums (much like short term insurance) and any changes in these criteria can have a positive impact on your premium. For instance, an increase in income or getting married will place you in a lower risk bracket then before, thus causing your premium to reduce. Unfortunately companies do not change these rates automatically and we need t
o apply to implement these changes.
With ever changing offerings from various financial service providers it is also imperative that your current products be reviewed on a regular basis to ensure that the money you spend on them are used in the best possible way. Insurance companies will enhance their products on a regular basis to keep up with competition in the market. The majority of them will however only offer these enhancements as part of newly sold policies, leaving existing clients with inferior products. Again this can be rectified by comparing various products from various companies regularly and then implementing the best options.
As this can be a long and arduous task for an individual we have acquired and implemented the necessary tools and services to make it a hassle free and speedy process for our clients. A major benefit in this service for our clients is the fact that we are not linked or affiliated to any insurance company thus placing us in a position to compare any product from any company in the search for the best alternative to suite your personal needs.
A typical reviewing process would follow these lines:
After obtaining your written permission we obtain your newest contract information from the various financial institutions. On reception of this we have a short telephonic discussion with you to ensure that we have all the above mentioned information as well as to obtain certain relevant personal information that is required in order to do an objective analysis of the portfolio.
Once concluded the results of our research are discussed with you, again telephonically, where upon a course of action is decided on. We do feel however that at this point in time it would be best to set up a meeting which would enable us to explain all the implications to any possible changes to the portfolio to you. After consensus has been reached on the actions to be taken applications for those actions are sent to the relative companies. We also inform the LOA, where applicable, of any changes to be placed on record as further protection to our clients. Only once the applications at the relevant companies have been approved does the transfer onto the new or amended product, if applicable, take place.
Points of importance during the analysis include, but are not limited to:
- Cost of product
- Description of the relevant benefits
- Cost of change and/or revision
- Future cost implications
- Term of benefits
- Purpose of specific product
- Client’s specific needs.
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