An insurance review meeting is an opportunity to make sure the cover you have in place still reflects your life as it is today. Whether you are meeting with a financial adviser for the first time or sitting down for a regular review, arriving prepared can make the conversation considerably more useful. It means less time spent tracking down basic information during the meeting and more time focused on the questions that actually matter.
This guide covers what to gather, what to think about in advance and what you can expect from the conversation.
Why should you prepare for an insurance review meeting?
A review meeting is only as useful as the information available during the conversation. An adviser can ask the right questions, but if the answers are based on estimates or incomplete information, it can be more difficult to build an accurate picture of your current circumstances and existing protection.
Coming prepared does not mean having everything perfectly organised or knowing the answer to every question in advance. Having your main documents and financial details to hand, alongside a general idea of what has changed since your cover was last arranged or reviewed, is usually enough. This can make the meeting more focused and help you and your adviser spend more time discussing whether your existing arrangements still meet your needs.
What should you bring to an insurance review meeting?
Details of your existing cover are the obvious starting point. This includes policy documents, statements or summary letters for life insurance, critical illness cover, income protection and any other insurance you want to discuss. If you do not have all the documents to hand, a list of the providers, policy types, benefit levels and approximate premiums is a reasonable starting point. Many insurers also make this information available through an online account or can provide an up-to-date policy summary.
Details of your financial commitments are useful too. Your outstanding mortgage balance, any other significant debts and a broad sense of your regular household outgoings can help build a clearer picture of the financial commitments your protection may need to address.
Information about income and employment is particularly relevant when reviewing income protection. Knowing your current salary or, if you are self-employed, having details of your recent earnings available can help with the discussion. It is also useful to know whether your employer provides benefits such as death-in-service cover, sick pay or workplace income protection, as these can form part of your wider protection arrangements.
If there have been significant changes to your health or lifestyle since your cover was arranged, be prepared to discuss these where relevant. Existing protection policies are generally based on the information provided when they were originally taken out, but your current circumstances may be relevant if you are considering changing or applying for additional cover.
What should you think about before the meeting?
Beyond gathering documents, one of the most useful things you can do is think about how your life has changed since your insurance was last arranged or reviewed. There are a few areas in particular that are worth considering.
Has anything changed about your financial commitments? A larger mortgage, a new loan or a significant increase in regular outgoings could change the level of financial protection you need.
Has your family situation changed? Having a child, a partner reducing their working hours or somebody becoming more financially dependent on you can all affect your protection needs. Separation, divorce or children becoming financially independent can change the picture in a different way.
Has your income changed significantly? An increase in earnings could mean existing income protection no longer reflects the income you rely on, while a reduction in income could affect affordability and how any benefit would be calculated under the terms of your policy. Also a change in employment status from employed to Self Employed or vice versa could have a significant impact on your protection needs.
It is also useful to consider whether you are approaching a significant life stage. Retirement, children leaving home or reaching the final years of a mortgage can all change the role that existing protection plays in your finances. Changes to your health or lifestyle, such as stopping smoking or receiving a new diagnosis, may also be relevant if new or replacement cover is being considered.
None of these questions require a precise answer before the meeting. Giving them some thought beforehand simply means you are less likely to overlook a change that could be important to the review.
What should you expect from an insurance review meeting?
An insurance review should begin with understanding your circumstances and the cover you already have in place. Your adviser will usually ask about areas such as your income, financial commitments, family circumstances, existing policies and what you would want your protection to achieve before discussing whether any changes should be considered.
The meeting should help you understand whether your existing cover remains appropriate, whether there are any potential gaps or overlaps and whether anything warrants further consideration. If changes are recommended, you should understand why, what they would mean for your existing arrangements and what costs or differences in cover may be involved.
There is no need to make decisions simply because something has been discussed during the meeting. If you are considering changing or replacing existing protection, it is important to understand the implications first, particularly as a new policy may involve fresh underwriting and could have different terms, exclusions or costs.
What questions should you ask during an insurance review?
Going into the meeting with a few questions in mind can help make sure the conversation covers the areas that matter most to you.
Is the level of cover on each policy still appropriate for my circumstances? This is one of the central questions of a review and can help establish whether the protection arranged previously still reflects your current financial commitments and responsibilities.
Are there any gaps in my cover that I should know about? Gaps are not always obvious, particularly where policies were arranged at different times or through different providers. Looking at your protection as a whole can make these easier to identify.
Are there any policies that no longer serve the purpose they were originally arranged for? Protection needs can change over time, so it is useful to understand what role each policy currently plays before deciding whether anything needs to change.
Are there alternatives I should be aware of? Products, policy features and pricing can change over time. If alternatives are being considered, the comparison should take account of the cover, terms, exclusions and cost rather than premium alone, as replacing an existing protection policy will not always be beneficial.
What would happen if I needed to make a claim? Understanding the claims process, what information might be required and who you or your family would need to contact can make the practical side of your cover much clearer.
Frequently asked questions
How long does an insurance review meeting typically take?
It varies depending on how complex your arrangements are and how much has changed since your previous review. A relatively straightforward conversation about existing cover may take less time than a full review following a significant change in your circumstances. Having your documents and financial information available beforehand can help make the meeting more efficient.
Do I need to bring original policy documents?
Not necessarily. Copies, summaries or digital versions will often provide enough information to begin the review. The important thing is being able to identify the provider, type of cover, benefit level, policy term and premium where possible. If you cannot locate documents for an older policy, the provider may be able to supply an up-to-date summary.
What if I cannot remember all the details of my existing policies?
Incomplete information should not prevent you from arranging a review. Bring whatever information you have, and any missing details can be identified during or after the meeting. Your insurer may also be able to provide copies of policy documents or a summary of the cover you currently hold.
Should I tell the adviser about health changes even if I am not applying for new cover?
It can be useful to discuss relevant changes as part of the wider review, particularly if you are considering additional or replacement protection. Your existing policy will generally have been based on the information provided when it was arranged, assuming that information was accurate at the time, and a later change in health does not usually alter that original underwriting. However, your current health may affect the terms or availability of any new cover you apply for.
Can I review my insurance without using a financial adviser?
Yes. You can review your own policies and, for products such as home and car insurance, compare different options directly or through comparison services. Protection insurance can involve additional considerations, including policy definitions, exclusions, underwriting and how different types of cover work together. A qualified financial adviser can help you understand those differences and assess your options based on your circumstances.
What should you do after an insurance review meeting?
Preparing for an insurance review does not need to be a significant undertaking. Gathering your main policy documents, having a reasonable understanding of your financial commitments and income, and thinking about what has changed since your cover was last reviewed will usually give you a useful starting point.
The aim of the meeting is to leave with a clearer understanding of the protection you already have and whether it continues to reflect your circumstances. If changes are recommended, make sure you understand the reasons for them and how they would affect your existing cover before making a decision.