Hi Lim Min,
You shouldn't need an annual insurance review if nothing major has changed in your life. Remember this: If nothing much has changed, why would your needs change drastically year on year?
If you aren't having a major change in life (getting married, buying a house, starting a family, massive salary jump, massive change in expenses due to commitments such as supporting retired parents), and your last review was within the past 2-4 years, you are probably going to be fine.
Having said that, if it is time for your review, you'll have to take note of a few things:
Are there any changes in your life? If so, please let your financial advisor know. He/She is trained to spot any gaps that may be less visible to you and advise you accordingly.
Are there any upcoming plans? For example, if you plan to buy a BTO/start a family/etc, and want to know what to look out for on the financial aspect, an advisor should also be able to enlighten you.
Do you have something you wish to start? If you have a more stable job/situation and felt ready to start preparing for retirement, for example, this can be highlighted as well
Are there any efficiencies that can be captured in your insurance portfolio? While insurance gets more expensive with age, there are cases where new products are cheaper than older products that were released 3-4 years ago. If you can get the same level of benefit for a lower cost (health issues not withstanding), why not?
Is there anything that your advisor should prepare you for? For example, the impending launch of Careshield Life last year was a good time for me to inform my young clients on the purpose, impact and options.
Hi Lim Min,
You shouldn't need an annual insurance review if nothing major has changed in your life. Remember this: If nothing much has changed, why would your needs change drastically year on year?
If you aren't having a major change in life (getting married, buying a house, starting a family, massive salary jump, massive change in expenses due to commitments such as supporting retired parents), and your last review was within the past 2-4 years, you are probably going to be fine.
Having said that, if it is time for your review, you'll have to take note of a few things:
Are there any changes in your life? If so, please let your financial advisor know. He/She is trained to spot any gaps that may be less visible to you and advise you accordingly.
Are there any upcoming plans? For example, if you plan to buy a BTO/start a family/etc, and want to know what to look out for on the financial aspect, an advisor should also be able to enlighten you.
Do you have something you wish to start? If you have a more stable job/situation and felt ready to start preparing for retirement, for example, this can be highlighted as well
Are there any efficiencies that can be captured in your insurance portfolio? While insurance gets more expensive with age, there are cases where new products are cheaper than older products that were released 3-4 years ago. If you can get the same level of benefit for a lower cost (health issues not withstanding), why not?
Is there anything that your advisor should prepare you for? For example, the impending launch of Careshield Life last year was a good time for me to inform my young clients on the purpose, impact and options.