Because insurance advisers are your best advocate you should keep them informed!
It is sound practice, for all quality insurance advisers, to undertake a periodic “warrant of fitness” insurance review. This is to ensure that clients’ existing personal insurances remain aligned with their needs and the premiums continue to be manageable.
Life changes, circumstances change, incomes change, mortgages reduce – it’s important that a review is undertaken at least annually. Or at any time when there has been a significant life event. And, certainly, if one has experienced a medical event or an injury. But completely aside from such regular reviews is the need to ensure that your insurance adviser is in the loop. Keep your advisor informed of any matter which might trigger a claim that can be lodged on your behalf.
A recent situation highlighted the importance of keeping your insurance advisers informed
To illustrate this:
I put in place a policy for wonderful local clients back in 2018. Several reviews had taken place in the intervening years. But, during the most recent review (in January 2025) I was startled to learn, for the first time, that “Ben” had fractured his heel way back in 2021! My immediate reaction was: “Why didn’t you tell me?”
“Ben’s” Partners Life Mortgage Repayment Cover has an inbuilt Specific Injury Benefit. This means that for any one of over 20 different injuries, the company will pay a specific lump-sum benefit. The sum of which is related to the severity of the injury. The specific injury benefit is paid irrespective of whether one is able to work or not, and a wait period does not apply. “Ben’s” fractured heel qualified for a lump sum payment for two months’ (60 days) of the Mortgage Repayment Cover benefit.
I immediately lodged a retrospective claim for Ben’s injury. This was quickly processed by the company, which correctly backdated the payment to what the mortgage cover benefit was at the time of the injury (March 2021). End result: Ben was pleased to receive a lump-sum payment of $7,800 from the company!
The moral of this real story is:
“Since your insurance adviser is your best advocate, keep them informed at all times of any changes to you and your family, whether life events, medical events or injuries”.
It’s what we do.
“Come as a client, leave as a friend.”
Theo Simeonidis
UProtectNZ Insurance Services