When you have a policy but it has not been serviced at least on an annual basis it can be considered an orphan policy. At the post sale stage, advice is received from the advisor but for the duration of the policy servicing is equally important. There are many oversights that clients sometimes take for granted not realising it’s to their disadvantage.

It’s always wise to ensure a planner reviews your policy at least annually or as otherwise negotiated to ensure your needs and purposes are up to date. As the years go by, your lifestyle changes and the economy fluctuates so you need to ensure your policies are updated to keep up with these transitions. Some servicing changes may be simple, although important, and don’t require actual advice for instance, a change in the beneficiaries, contact details like a postal address or a new contact phone number.

Also your FICA could perhaps need annual updating i.e. verification of your identity document and proof of address (not older than three months) But other times the changes necessary may be more complex and necessitate financial advice eg. your needs may have increased due to having more dependents or conversely your children are no longer dependent on you and you feel you don’t need as much life cover.

As you transition to different stages in your life, from being single, to becoming married, then having children, career changes, salary increases, major health changes, possibly a divorce, death of a spouse and then closer to retirement age; your priorities tend to also change and it’s vital your collective financial plan is keeping pace with these variations of lifestyle. Your financial check-up is just as essential as your annual dental check-up; just less painful.