Policy review

1. What is a policy review?

It could mean evaluating a certain public policy, but in this context, we are talking about reviewing insurance policies.

1. Why is it needed?

   1. over time, we may forget the details what we have purchased, and we need a refresher on our benefits.

      I was recently transferred a policy that was bought in 1990’s. It was quite a learning curve understanding how policies were packaged previously, but I was happy at the end that I was able to explain the policy to the customer.

   2. we are also able to do housekeeping and ensure that certain particulars are updated, such as contact info, address, intended beneficiaries
   3. if the policy is investment-geared, we may want to also look at the fund performance, and if any changes are required
   4. we may have multiple policies from the same insurer, or different companies, and we need to see the complete picture what our total coverage is
   5. from a periodic review, we are able to determine if our current coverage is still relevant, and whether certain coverage need to be reduced/increased
   6. if we have multiple policies, sometimes from the review, a consolidation can be done if that means savings of your regular premiums.
2. Who initiates this?

Either the agent or the customer. Let me know if you need one. If you don’t, I will still reach out to you from time to time 😉