Review My Existing Insurance Cover
Insurance is not something you should set up once and forget about.
Life changes. Your income changes. Your mortgage changes. Your family changes. Premiums change too.
At NZ Advice Group, we help New Zealanders review their existing life insurance, trauma cover, income protection and health insurance so they can understand what they have, what it does, what it does not do, and whether it still suits their current situation.
When should you review your insurance?
It may be time to review your cover if:
• You have not looked at your insurance for a few years
• Your premiums have increased
• You have taken on a new mortgage
• You have had children
• Your income has changed
• You have changed jobs or become self-employed
• You have had a relationship change
• You are unsure what your policy actually covers
• You are thinking about cancelling or reducing cover
• You want to know whether your current cover still represents good value
A review does not always mean changing everything. Sometimes the best advice is to keep what you already have. Other times, small changes can make your cover more suitable, more affordable, or easier to understand.
What we look at
When we review your existing cover, we look at things such as:
• The type of cover you have
• The amount of cover
• Who owns the policy
• Who would receive the money at claim time
• How long the cover lasts
• Whether premiums increase each year or are structured differently
• Whether your cover has exclusions, loadings or special terms
• Whether your income protection matches your actual income and occupation
• Whether your health insurance excess and benefits still suit you
• Whether your cover is affordable now and likely to remain affordable later
The goal is simple: to help you make informed decisions.
Ask Hannah about reviewing your current cover
hannah@nzadvicegroup.co.nz 027 555 0890
Common issues we see
Many people have insurance but are not completely sure how it works.
Common issues include:
• Life cover that no longer matches the mortgage or family need
• Income protection that has not been updated after income changes
• Trauma cover that is too low compared with current debt and living costs
• Health insurance with an excess or benefit structure that no longer suits the family
• Old policies that have not been reviewed since they were first set up
• Premiums becoming unaffordable without a clear strategy
• Policy ownership that may not match the client's intentions
These issues are usually fixable once they are identified.
Should I cancel my insurance if it is expensive?
Not without getting advice first.
Cancelling cover can be risky, especially if your health has changed since the policy was first issued. A new application may require underwriting, and there is no guarantee you would get the same terms again.
Before cancelling, it is worth looking at other options, such as:
• Adjusting the sum insured
• Changing excesses
• Reviewing optional benefits
• Restructuring cover
• Comparing premium options
• Keeping valuable older cover in place
• Prioritising the cover that matters most
We can help you understand your options before you make a decision.
How the review works
1. Send us your policy details — you can send us your policy schedule, recent renewal letter or premium notice.
2. We look through your current cover — we review the type of cover, amount, cost, ownership and key features.
3. We talk through your current situation — we look at what has changed in your life, income, family, debt and goals.
4. We explain your options — we explain what you have, what may need attention, and what options may be worth considering.
5. You decide what happens next — there is no pressure. The purpose of the review is to help you make a better-informed decision.
Why use NZ Advice Group?
NZ Advice Group provides advice across personal insurance, including life insurance, trauma cover, income protection and health insurance. We focus on understanding your personal and financial situation before making recommendations, with a full needs analysis and support at claim time.