When conducting an insurance review for clients in Singapore, it is essential to focus on their current insurance coverage, any significant life changes and financial goals, and identifying coverage gaps and redundancies.

First, take inventory of all existing insurance policies, including life, health, disability, critical illness, personal accident, and home insurance. Review the coverage amounts to ensure they meet the client's current needs and financial objectives. Additionally, verify that the listed beneficiaries are up-to-date and reflect the client's current wishes. This step ensures that the client’s insurance portfolio is accurately aligned with their present circumstances.

Second, discuss any significant life events and financial goals with your clients. Major life changes such as marriage, divorce, the birth of a child, or purchasing a home can significantly impact insurance needs. Aligning insurance coverage with the client’s short-term and long-term financial goals, such as retirement planning, children’s education, and wealth accumulation, is crucial. This alignment helps in creating a cohesive financial plan that integrates well with their overall life plans and objectives.

Lastly, it is vital to identify any coverage gaps and redundancies. Look for areas where the client might be underinsured, such as insufficient life cover, health insurance, or disability income protection. Addressing these gaps ensures that clients have adequate protection against unforeseen events. Conversely, detecting overlapping coverages that may be unnecessary is equally important. Streamlining policies to avoid paying for duplicate benefits can save the client money and simplify their insurance portfolio.

In summary, a thorough review of current insurance coverage, understanding significant life changes and financial goals, and identifying coverage gaps and redundancies are crucial steps in providing a comprehensive insurance review for clients in Singapore. These steps ensure that clients have the appropriate coverage to meet their evolving needs and circumstances.

30 May 2024