Beat your insurance, Of course, insurance is not a static product that you must keep it unchanged throughout life. Quite the contrary, flexibility will be the norm that will govern its management over other personal or commercial strategies. Where it will be necessary to update it every time there is a significant change in your state.
For example, before a marriage, divorce, the purchase of a home or even as a beneficiary of an inheritance. In this sense, one of the most practical proposals is to review its content at least once a year. So that in this way, you are taking into account your new needs and demands. In addition, it will be a powerful tool to optimize it with full guarantees for better protection.
If anything distinguishes any kind of insurance, whether home, funeral, health or car, it is because at any time you can update it, incorporating and removing the coverages that you think are necessary at any time in order to have the best protection In this sense, you can take advantage when the expiration arrives to go modeling a policy that is tailored to you and increasingly practical. On the other hand, there are a series of scenarios that will be very prone to make some other change in this product. Do you know some of the best ones?
There are many reasons to update an insurance , whatever its origin, but one of the most forceful is based on adapting to the new circumstances of its owners. It also serves to include more useful coverage and even eliminate some that have been outdated by the passage of time
When will we review the insurance?
Change in your personal situation: any variation in your marital status, as well as when expanding the family. Because undoubtedly your needs will be significantly different with respect to your previous situation.
Monetary and labor motivations: if you have experienced a significant variation in your work or the salary you receive is a good excuse to promote an update or at least revision of the policy. Not in vain, this aspect can condition you to include or eliminate a series of contingencies based on these parameters.
Plan your retirement : there is no doubt that this is a factor that will affect a thorough review of the policies contracted. Not in vain, your aspirations will be completely different from the time you formalized them. It is time to face this new stage in your life.
Composition of the family : to carry out this operation with insurance you must assess each and every one of the incidents that take place in your home. Having a family member with advanced age, the emancipation of children or their support in their academic training will be more than enough reasons to consider a thorough review of them.
In any case, there is always a little trick that will never fail you to achieve the objectives. It basically consists in reviewing your contract to verify what covers and what does not and if the guarantees have limits. On the other hand, it will also be a great help to analyze that the sums insured are adequate. This is an operation that you must carry out with some frequency if you really want to have a flexible insurance product.
Deadlines for conducting the review
You may not know it but the duration of the contract will be specified in the contracted policy. In any case, it may not exceed 10 years, as clearly indicated in article 22.1 of Law 50/1980, of October 8, Insurance Contract. It will be at that moment when you make a thorough review based on current needs. Normally they will not be the same since new demands are appearing in your relations with the insurance companies.
However, in most cases you will not have to exhaust these maximum periods . But they have an annual expiration, where if you do not say anything you will automatically follow with your same insurance that until now. In any case, it is an excellent pretext for you to review its clauses in case you wish to modify them or even add new conditions to the contract.
In this sense, managing insurance from an insurance brokerage, such as Seguros Nogal , can generate many more advantages than you initially anticipated. Especially, because one of their benefits is to have them constantly updated. To the point that they can offer you as an alternative the hiring of a policy of similar characteristics. Either because it contemplates better coverage to your new profile or simply to get the best prices in the market. You can not forget that brokerages work with all insurers, but independently. So that in this way, you get the best offer of all with respect to your current demands.
Bonuses on updates
Finally, you should evaluate very positively that these operations for the maintenance of this financial product are generated with bonuses of between 3% and 8%. Precisely at the moment you have to renew the policy. In some cases under the commercial strategy of customer loyalty and in others in the form of specific promotions that will even raise these margins in the rates.
While on the other hand, these benefits will be reflected by an increase in insurance benefits. That is, you will receive more coverages without the need to change the product. Without affecting the premium you have to pay every year.