Event 1 : Policies Review

Why is it important to review policies?
An annual policy review can only help your financial health.

Why do you need a policy review process?
Outdated policies can leave your financial health at risk. Old policies may fail to comply with new living standards and future well-being. They may not address new strategies or definitions, which can result in inconsistent practices.

Can you imagine a policy that still addresses whether you can bring in flimsy policy booklets?
Yet there are probably policy manuals out there that still have this information in them. Every policy should have a clear goal or objective. Over time, this will help you measure whether the policy is effective. But, there can be times where you are following your policies perfectly, but they are not having the desired effect.

Let us help you with a proper financial planning and plan according to your current life stages. If you are not sure whether you need to review your policies, speak to a consultant today.

How often should you review your policies?
Review your policies when there are major changes.

Your family and personal policies should be reviewed at least once a year but when new life goals or life stages come into place, do not wait until the schedule policy review.

Changes can include :

  • Getting married
  • Welcoming a new member into the family
  • Prevention of critical illnesses
  • Covering for premature death
  • Setting new financial goals, e.g. buying a new house, having a $100K savings, etc.
  • Retirement goals