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The insurance review, reviewed for you.

What is an insurance review?

Often, when I have called clients to offer a review, they are not sure what I am attempting. I think people’s first reaction might be, “Is this some attempt to just sell more insurance?”

I can get how that could be a first thought. Certainly, if you’re around my age, you can recall the Insurance Agent that normally worked for a big brand insurer. They constantly wanted to talk about some new product their company had launched.

I think it’s fair to conclude that in those days, it was all about insurance sales. Many of those insurance salespeople did not necessarily have the client’s best interest at heart.

Couple happily shaking hands with Financial Adviser after satisfactory Insurance Review

Have insurance practices changed?

Yes! Things have changed. Although Imak Advice places business with Insurance Companies and Investment Companies, this is secondary. Firstly, we take a complete look at a client’s personal situation. If they’d like to see some solutions, we present some options that the client can then choose to put in place.    

Now, advice is what we offer. Rather than being an ‘insurance salesman’, an adviser must be a registered “Financial Adviser”.

Today’s Financial Advisers must have at least a minimum financial services certification (education). They are registered as Financial Services Providers and are bound by legislation to ensure their conduct puts ‘the client’s best interest first’.

Financial Advisers have an obligation to work so that your personal insurance portfolio is current and meets your situation. We prioritise this at Imak, but it’s difficult to achieve if we are unable to meet up in some way.

What’s involved in an insurance review?

First, we set an appointment. Most reviews take about 45 minutes on average. That’s 45 minutes every 1 to 2 years to ensure that you and your family have the right covers in place for the right reasons.

Our Financial Advisers will show you exactly what you have now, how much you are paying, and answer any questions about what the covers entail, what the benefits are, their limitations etc., so it’s clear in your mind.

They will ask whether anything has changed since your policies were first put in place. This could be things like reducing or increasing a mortgage, children having left home, a new child etc.  It’s possible that adjustments should be made to your portfolio to align it with your current situation.

Importantly, an insurance review is painless. It simply helps everyone understand what covers are in place and of the quality expected.

Considerations of insurance review written out including Finance, Goals, Vision and Strategy

What are the next steps? 

Over the past few months, our Advisers have attempted to invite as many clients as we can for a review. You may even have been contacted and said yes, or no.

Essentially, Imak Advice really wants to make sure you have had the opportunity to sit down, either online or in person, to get personal advice on your insurance or investment portfolio, or both.  

 If you’d like to book a review, call us now, and we will arrange for one of our Financial Advisers to contact you directly and set up a time to meet.

Call us on 09 307 9300 or email info@imak.co.nz.