An insurance policy review is the process of checking an insurance policy to ensure that it still aligns with your financial goals and requirements. This is essential to do on a regular basis because it prevents outdated information that can cause you delays or rejections when submitting claims to your insurance company.
There are other benefits of reviewing your insurance policy: you’ll achieve greater protection for your assets and family, save money by removing coverage you don’t need, and feel confident to know that you’ve got the right amount of coverage to match your requirements when you need it.
Read the rest of this article to explore what an insurance policy review entails and how to go about it. We’ll also look at when it’s worth hiring a lawyer for help with the review process.
When Should You Have an Insurance Policy Review?
There are times when it’s recommended to have an insurance policy review. These include the following:
- You have bundled your insurance policies. A policy review will check all the policies to ensure that they’re efficient and you don’t have any gaps in your coverage.
- You’ve gone through a big life change. For example, perhaps you’ve had a child and want to increase your coverage.
- There have been policy changes. This includes an increase in costs that affect your ability to pay premiums.
- You’re expecting a future claim. If you think you might need to claim from your insurance company, such as for an upcoming medical treatment, you might want to review your insurance policy to ensure that you’re protected.
You should conduct a review of your insurance policy annually, as this will ensure it remains correct, up to date, and provides you with the coverage you require.
What Should You Check During an Insurance Policy Review?
When conducting an insurance policy review, you want to check the following things:
- Limits. These are coverage limits and restrictions. You want to know that you’ll have enough coverage when required and that you’ll get a sufficient payout.
- Deductibles. You might be able to make use of discounts to save money, such as if you’re bundling policies or you haven’t made a claim in a certain number of years.
- Adjusting coverage. This gives you the flexibility to change coverage, and it usually depends on your current phase in life, such as if you’ve purchased a new home or your income has changed. You might want additional coverage if there are gaps in it.
- Policy updates. If the insurance company has changed their policies, this could potentially affect your policy coverage.
- Premiums. Keep track of what insurance premiums you’re paying monthly and if they’ve increased. If you’ve set up a debit order for the insurance payments but your banking details have changed, you’ll want to update the information so you don’t default on payments.
What Steps are Involved in an Insurance Policy Review?
When you want to review your insurance policy, the below steps can help you cover all your bases.
Collect Your Insurance Policy Documents
Gather all the documents related to your policies. Now’s a good opportunity to review all policies that are in your name. You want to read through all the documents carefully and make notes about important issues or concerns you have, such as regarding limits or exclusions. If there’s anything vague or confusing, you should also make a note of it.
Don’t forget to check the fine print on your policies so that you don’t miss anything important.
Consider Your Current Needs
Check all your policies so that there are no coverage gaps or any clashes. Think about how your needs have changed since you opened the policy, such as if you’ve established a business or started working from home, so you can identify what coverage you need. You can then increase or decrease coverage to suit your needs.
Consult with a Lawyer
Although you can review your policies on your own, it helps to hire a lawyer to scrutinize all the documents so that everything is considered. If you’ve made notes during your initial review and you have concerns, you can chat to a lawyer about these to better understand the policies and ensure they meet your financial goals.
How Can a Lawyer Help You with an Insurance Policy Review?
A legal insurance policy review can help you gain peace of mind that you have the correct coverage and can avoid disputes in future, such as when making a claim. Working with a lawyer can help you in other ways, such as by:
Spotting Red Flags and Concerns
There might be things that you don’t consider as potential pitfalls. For example, your lawyer will identify vague terms that can cause misinterpretations.
Checking Coverage Issues
They will identify areas of duplicate coverage that could be draining your money or risks that you’re encountering which aren’t being adequately covered by the insurance company.
Reviewing Claim Processes
When you need to submit a claim from your insurance policy, you want to avoid any mistakes or delays that can result in nonpayment. A lawyer will check and confirm the submission process so that there are no mishaps that can cost you.
Negotiating the Terms
Your lawyer will be able to help you negotiate the terms of your policy so that you gain adequate benefits and coverage. They’ll be able to tell you what they can and can’t negotiate.
How Do You Hire a Lawyer for an Insurance Policy Review?
It doesn’t have to be complicated or stressful to find a lawyer for an insurance policy review in your location. On ContractsCounsel, an online legal marketplace that connects clients to vetted lawyers, you can quickly find and work with a lawyer to review your insurance policies so that they’re legally sound, fair, and reasonable, while minimizing your risks.
Simply post a request on the ContractsCounsel marketplace (it’s free) and provide some details about what you need. You’ll connect with lawyers who will send you bids to work on the project. Once you review the lawyers’ information, such as their previous experience, fields of expertise, and credentials, you can connect with one who you think is best suited to your requirements.