When should I have my insurance policy reviewed?
May 6, 2023 | 40,00 EUR | answered by Katrin Sontheimer
Dear Insurance Lawyer,
My name is Ammelie Vollmann and I have a question regarding my insurance policy. I am unsure of when I should have my insurance policy reviewed and if it is necessary to do so regularly.
My current situation is as follows: I took out a life insurance policy several years ago and have been paying my premiums regularly since then. However, I have not had my policy reviewed since taking it out. I am unsure if my life circumstances have changed in the past few years and if my insurance policy still meets my current needs.
My concerns are that I may not be adequately covered in the event of a claim or that I may be paying unnecessarily high premiums, as my life circumstances have changed and the insurance policy is no longer tailored to me.
Therefore, I am wondering when I should have my insurance policy reviewed and if it is advisable to do so regularly. Are there specific life situations or events that necessitate a review of the policy? What steps should I take to review the relevance of my insurance and potentially make adjustments?
Thank you in advance for your support and advice.
Kind regards,
Ammelie Vollmann
Dear Mrs. Vollmann,
Thank you for your question regarding the review of your insurance policy. It is advisable to regularly review your insurance policies, as your life circumstances may change over time and thus also your need for insurance coverage. In the case of a life insurance policy, as in your situation, there are various factors that may necessitate a review of the policy.
First and foremost, it is important to check if your financial situation has changed in recent years. Perhaps you have gotten married, had children, taken on a new job with a higher income, or started your own business. All of these changes can have an impact on your insurance needs. It could be that your current policy no longer provides sufficient coverage or that you are paying unnecessarily high premiums.
Another important point is the development of the insurance industry itself. Insurance companies regularly adjust their rates and benefits to remain competitive. Therefore, there may now be more attractive rates on the market that better suit your needs.
Life changes such as buying a house, starting a business, inheriting money, or going through a divorce may also necessitate a review of your insurance policies. In such cases, it is important to adapt your insurance coverage to the new circumstances.
To review the relevance of your insurance, I recommend taking an inventory of your insurance policies first. Check which insurances you have taken out, what benefits they include, and whether they still meet your current needs. Subsequently, you can schedule a meeting with your insurance advisor or broker to discuss your insurance situation together and make any necessary adjustments.
In conclusion, I would like to emphasize that regularly reviewing your insurance policies is sensible in order to be sufficiently protected in the event of a claim and to avoid unnecessary costs.
I hope this information has been helpful to you. If you have any further questions, please feel free to contact me.
Best regards,
Katrin Sontheimer
