Special Communique - Advice for property buyers
However, there is little advice online that we can find that highlights the potential impacts on your life insurances. This article by MLC is a notable exception.
If you are an AFRM client there are several things you should consider if you have bought a new property recently:
1. Contact us to update your address details. We will then notify all relevant insurers to ensure they have the updated details too.
2. If you have you taken on more debt to finance the purchase, please consider if you and your family are now more financially exposed in the event of death/disability/illness?
3. If the answer to the above question is yes; it may be wise to contact us so that we can review your current Financial Risk Management Plan to ensure it remains adequate for your current life circumstances.
The aim of any Financial Risk Management Plan review is to ensure that your risk requirements continue to be appropriately met and are keeping pace with changes in your life.
For example, apart from the issue of buying real estate outlined above, if have you changed jobs, changed income levels, or if your level of debt altered significantly for some other reason, then perhaps it is time for a review?
Similarly, has your family situation changed in some other way during the past 12 months, or have you been ill or injured? If the answer is, yes, then again, perhaps it is time for a review?
As we said in the lead story of this newsletter, we sincerely appreciate the relationship we have with you and would like to assure you that any annual insurance reviews we undertake for you this year will be performed to our usual high standards.
Please feel free to review the checklist on our website if you are unsure if it is time to review your cover.