Some changes to cover may have no impact to a client’s premiums such as updating the beneficiary details. Others, such as increasing cover due to growing family or promotion, may increase the premiums and on the other hand, downsizing or planning for retirement could lead to a reduction in premiums.
 

Regardless, ensuring your clients’ policy structure meets their needs is an important consideration for clients to take.

As mentioned above, life circumstances change over time, and by reviewing a client’s policy regularly, you can determine whether the cover they have meets their current needs. For example, life events such as marriage, divorce, having children or children moving out, or purchasing a home can all impact a client’s needs. They may require more, or less, cover.

Regularly reviewing a client’s beneficiaries is important to ensure it’s up to date. Changes to a client’s relationship or family may require beneficiary consideration.

Similar to point 1, a client’s finances may change. This may be due to their careers progressing, reducing their workload and planning for retirement, or an inheritance, amongst other reasons.
 

It ensures that their cover remains in line with their current objectives and helps them make necessary adjustments if their circumstances have changed.

With the cost-of-living pressures continuing to impact clients, reviewing a client’s options can be the difference between maintaining cover and cancelling altogether.
 

Changes to their health such as quitting smoking for more than 12 months or improvements to their mental health, could benefit from their cover being reviewed and potentially seeing more favourable premiums.
 

Your clients could consider changes to their policy structure that could also lead to a reduction in premiums, such as updating their income protection policies from a ‘to age 65’ benefit period to a 5-year benefit period which could help save between 20% and 45%. They could change their TPD definition from Own to Any Occupation and receive up to 35% premium savings.
 

Other options including utilising the AIA Vitality program where clients can receive up to 20% off premiums as well as earn rewards up to $760 annually.
 

Find out how you can further help clients manage their premiums with our Priority Protection and Tailored Protection Affordability Flyers.

Regularly reviewing a client’s life insurance policy helps ensure that it continues to meet their financial and protection needs. It's a proactive approach to guarantee that they have the right coverage, beneficiaries, and overall terms in place as their life evolves.
 

To learn more about how AIA Australia can support your clients, please reach out to your Client Development Manager or Sales team.