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The Importance of Reviewing Your Insurance Policies Annually
Insurance coverage plays a critical role in financial planning and provides you with peace of mind in times of need. Insurance risks and scope may change due to various reasons. It is important therefore to review your insurance policies annually!
Insurance coverage plays a critical role in financial planning and provides you with peace of mind in times of need. Insurance risks and scope may change due to various reasons. It is important therefore to review your insurance policies with your intermediary or insurance relationship manager regularly to ensure that you are adequately protected under your insurance policy.
Here’s why you should review your insurance policies annually:
1) New life events
Significant life changes, such as marriage, having a child, and attaining a certain age and health can affect your insurance needs. Periodic policy reviews with your intermediary or insurance relationship manager will help you determine if your coverage needs to be updated to reflect your new circumstances.
2) New assets
As you accumulate more assets, you may need to review your insurance coverage to ensure you are adequately protected and covered.
3) Coverage changes
Various circumstances may lead to an upgrade or downgrade of the coverage provided by your policy. It is important to stay informed through your intermediary or insurance relationship manager about any changes that may influence your coverage, ensuring the same still meets your needs.
4) New products and services
We regularly introduce new products and services that may better suit your coverage needs. You will be informed of the new product offerings during the review meeting with your intermediary or insurance relationship manager.
5) Policy Expiration
Insurance policies have a set expiration date, and it’s crucial for you to renew them before they expire. Conducting yearly reviews will help you ensure you have continuous coverage.
In summary, reviewing your insurance policies regularly is essential for your financial planning. It helps ensure you have the full coverage that you need and keeps you informed about changes in your coverage. Take the time to review your policies regularly and make the necessary changes for full protection. We are at your service.
Read also on what you need before buying a home insurance cover
For more information on our insurance solutions for individuals and businesses in Kenya, reach out to us at insure@gakenya.com or +254709626000 today or
