Unlike your car or home insurance, policies in the financial services sector such as life insurance, pensions, income protection, are generally set up on a long-term basis, often for 20 or 30 year terms.
Because of this, it is important that you meet with your Financial Advisor at least once a year to make sure that the policies you have in place are still suitable for your individual circumstances.
Since your plan was set up, your life may have changed significantly and the protection policy that you set up when you were a 24 year old might not be sufficient now that you have three kids and a mortgage. If you have a business, there might have been a change of shareholders or you might have more assets or employees than you did a few years ago.
To ensure your family and/or business are properly financially protected it is vital to inform your broker of any significant changes.
As well as this, over time, the market is becoming more competitive which benefits you, the customer. For example, there may be plans available with more favourable charges than your current pension plan, or policies that cover more serious illnesses than what you are insured for on your existing policy.
When it comes to savings or investment plans, given the fluctuating nature of investment funds, annual reviews are incredibly important to help achieve and protect potential investment growth. One of Sheridan’s Financial Advisors will take into account your personal situation while helping you decide on the right investment fund for your objectives.
Overall, regular reviews are important to ensure that you are taking advantage of the best policies on the market, that you are getting the best value for your money, and that the policies you have are actually suitable. All financial services reviews at Sheridan’s are free of charge, making it easy for you to fully protect what matters most.