Many people are a bit wary of checking in with their insurance advisor. They fear they’re going to be sold new policies.

However, a good advisor knows that your needs change over the years. The insurance you took out five years ago was for a previous version of you. Since then, you may have started a family, changed careers or made all sorts of decisions that increase or decrease your need for insurance.

That’s right – sometimes your need may decrease cover. In that case, you can safely downgrade your sum assured or even cancel a policy. I see this all the time.

Recently, a couple I know asked me whether they should keep their income protection policy, as they were moving to Australia. They had avoided calls from their insurance broker so had not received up-to-date advice for several years.

In the meantime they had retired – but they were still paying premiums for income protection. They were forking out for cover they couldn’t claim on.

This is just one example of how an insurance review can save you money. There are many more, and I’d be happy to share them with you.