Insurance is not something you buy once and forget. Life changes every year, but policies do not change with it. An annual review keeps your cover in step with your life — and sometimes saves premium by removing what has become duplicated.
Why review every year
Changing jobs, a pay rise, marriage, a child, buying a home, or paying down debt all change the risks you need to cover. A policy that fitted three years ago may leave you under- or over-insured today. A good moment is the start of the year, the end of the year, or your birthday month — pick one that is easy to remember and make it a habit.
The review checklist
- Gather every policy. List them all, including group cover from work, so you see the whole picture.
- Check the cover against your life today. Is the life sum insured still enough for your obligations? Does the room rate still match the hospital you use?
- Look for duplication and gaps. For example, two policies paying the same treatment costs while nothing covers critical illness.
- Check the beneficiaries. Do they still match what you intend?
- Check your contact details. Are the address, phone number and email held by the insurer still current?
- Review premium due dates and instalments remaining, so you can plan cash flow ahead — and check whether you are using the tax deduction you are entitled to.
Signs it is time to adjust
- The total premium feels tight every month — the order of priorities may need rebalancing to what you can sustain.
- A major life event has not yet been reflected in your policies.
- Your workplace benefits have changed, for example group cover disappearing after a job move.
- A policy is close to the end of its premium term or its contract — plan the next step in advance.
Review it yourself, or with your adviser
You can start the checklist above on your own. If you hold several policies across several insurers, having an agent summarise them in a single table makes the gaps much clearer. A good review does not have to end in buying more — sometimes simply putting what you already have in order is enough.
In short
One hour a year reviewing your policies keeps every baht of premium working for the life you actually have. Start this year: put the appointment in your calendar. And if you would like someone to go through them with you, message us any time.