Your protection needs may change at different stages of your life. It’s important therefore to regularly review your policy to ensure that you have adequate cover to suit your circumstances.
We have put together this guide to help you understand your policy and how it works. It also outlines the importance of a regular review and the options that may be available to you.
We will send you a review pack with details of your policy review on a periodic basis. When you receive your review pack (usually every 5 years), we recommend that you review your protection needs and discuss the options available to you with your Financial Broker or Advisor. You can find a Financial Broker or Advisor here or call us on 1850 200 318 Monday to Friday 8am to 6 pm. To improve our service to you, calls may be recorded.
Here are some examples of the many options available to you at review time:
Mary aged 62 has just received her 5 year review pack for her reviewable protection policy. The policy requires a premium increase in order to maintain the level of cover Mary wants. However, Mary cannot afford to pay this extra money. Read more…
Mary called her Financial Broker and reviewed her policy. When Mary took out this policy she had a mortgage and 3 young children. Mary’s mortgage is now paid off and her children are all grown up and have left home. Mary’s protection needs have changed greatly since she first took out the policy. She no longer needs cover for her mortgage and dependents. She still wants cover to pay for funeral expenses. The overall amount required has fallen. She decreases the sum assured required and the premium reduces to reflect this. Mary’s cover continues.
Michael and Eoin are in their 40’s and received their review pack. The premium required to maintain their level of cover is the same as they are currently paying. Read more…
They speak with their Financial Advisor and review their protection needs. Their circumstances remain the same as when they took out the policy and so their advisor recommends that they have still the correct level of cover. He does advise them however that as they get older, the cost of this cover will increase and so recommends that they continue to review their policy as it continues.
Mark and Deirdre are in their late 30’s. They receive their 5 year review pack. Read more…
There is no change to their current premium in the review pack. However, they took out this policy to cover their mortgage but they had no children at that time. They now have two young children. They meet with their Financial Advisor who outlines the following options to them:
- Increase their current level of cover on their reviewable protection policy which will mean an increase in the premium
- Take out a new separate LifeChoice (protection) policy to provide additional life assurance cover for both of them