Although having insurance is one of the best decisions you can make, your needs change over time. Are you planning to update your insurance premium soon? Although having insurance is one of the best decisions you can make, your needs change over time. When that happens, you should also improve your insurance premium.
When updating your insurance premium, make sure to talk to your insurance adviser about your plans. This is vital since it’s like you’re going to start over again in terms of getting insurance. In this article, we’ll give you a list of questions you should ask your insurance adviser when updating your insurance.
1. Is my current premium worth it?
The first thing you should ask your insurance adviser is if your current insurance premium is worth it. Whether you have filed for claims or not, this question is essential so that you can decide on the next premium you should avail.
If you have filed for claims, you can ask if the coverage you got is enough for what you paid for. If not, you can also ask about the ideal premiums for your current situation.
2. Is my current coverage enough?
Given the changes in your life, do you think your current coverage is enough? If you’re undecided, you should also ask your insurance adviser. Additionally, reviewing your insurance coverage with your adviser can be helpful, especially if you want to update it.
It might be possible that your current coverage is enough although there are changes in your lifestyle and your everyday situation. However, if not, it would be easier to discuss the updates you need while reviewing your current insurance.
3. Are there updates in the insurance regulations?
Changes happen not only to your needs but also with the insurance regulations. If your situation doesn’t change but the insurance regulation does, you might still need to update your premium. However, your insurance adviser should be informing you about this. In case they don’t, you can always check with them and ask if you’re eligible for discounts and other benefits based on the latest changes in the insurance regulations.
4. What causes the premium increase?
Have you noticed an increase in your premium? Don’t hesitate to ask your insurance adviser regarding this, so they can explain it clearly. Who knows, it might just be a mistake that should be corrected as soon as possible.
Meanwhile, in case there are no errors, you should understand the reason behind these changes. Usually, the causes can be due to market trends, claims history, or changes in your risk profile.
5. Are there available discounts?
Aside from the changes in the regulations and premium prices, insurance advisers are also updated when it comes to available discounts and promos. If you enquire at the right time, you might still be able to avail these promos.
However, when it comes to discounts and promos, it depends on whether you qualify or not. Maybe the reason why your insurance adviser isn’t telling you about this is that you’re not qualified, but it won’t hurt to ask.
6. Can I adjust my deductibles?
Adjusting your deductibles can affect your premium, so it’s best to discuss this with your insurance adviser first. Try to compare the pros and cons of making these changes and see if it helps to improve your insurance.
Deductibles are the money you spend out of your pocket before the insurance covers your claims. It’s best if you can ask your insurance adviser about this before making any decision.
7. What are the available payment options?
Ask your insurance adviser regarding the different payment options. If you pay annually, can you get more discounts aside from the other options? Moreover, you can discuss your financial situation before deciding about the payment option, so that your insurance adviser can give you more options.
If your current insurance premium is about to expire, make sure to pay on time. Normally, insurance companies provide a grace period when you can still pay and retain your coverage. However, if you fail to pay, you might need to start over again.
8. Are there any policy riders I should consider?
Given the changes in your situation, you should also consider changing the policy riders. They are the add-ons that you may or may not include in your insurance premiums. If you currently have some, try to think about whether you’re going to maintain them or change them.
Your insurance adviser can tell if there are policy riders that fit with your current situation, so don’t forget to ask.
9. Can you review my insurance portfolio beforehand?
An insurance adviser handles a lot of clients, so you should request for them to review your portfolio before meeting with them. This will prevent confusion, and they can be reminded about your insurance history.
10. What are the claims process like?
With the changes you’re about to make with your insurance policy, the claims process might also change. You can ask your insurance adviser to explain every step you need to take before you can complete the filing of claims.
If you encountered difficulties with your previous claiming experience, you should tell it to your adviser so you can prevent it from happening again.
Updating your insurance policy is an essential step to maintaining good reliable financial assistance. With constant and open communication with your insurance adviser, you can get the right insurance for you, your family, and your business.
We hope this article helps you formulate your questions for your insurance adviser once you’ve decided to update your policy. If you want to add more to this list, don’t hesitate to leave a comment below!