Saturday September 18, 2021

updated - September 18, 2021 Saturday EDT

The Benefits of an Annual Financial Review With Your Insurance Broker

Jan 02, 2020 03:11 PM EST | By Staff Reporter
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After the new year, most of us in January think about leading a healthier lifestyle or reviewing our career prospects. But how many of us think about getting a financial review?

We've all been guilty of allowing annual insurance renewals to roll over only to find that a few years later, premiums have increased substantially since that great 'new customer only deal.' 

Take hold of your finances, and don't let complacency get in the way of saving you possibly hundreds of dollars a year. All of us would like to save money, and there are ways that you can easily do this for free. 

What Are the Benefits?

Regular financial check-ups benefit you in a variety of ways. Not only are you likely to save money by shopping around initially, but annual reviews will also ensure your premiums stay as low as possible year on year.

Insurance brokers can tell you about savings on bundling your car and home insurance or multi-policy discounts.

If you don't check your annual insurance, not only could you be spending more, but you could also be underinsured. Let your broker help you to determine if your home is underinsured.

Additionally, by having an annual financial review, you will be more aware of your incomings and outgoings so you can really take charge of your financial planning.

We all know that finding any insurance cover is a hassle and can take weeks of research to find the right one. Shopping around with insurance brokers gives you the most options and potentially will find you the best deal, so let your insurance broker do the leg work for you. 

Also, if you're not so savvy on the internet or know your insurance terminology, you can take your existing paperwork down to a local insurance broker office and get them to help you.

Many Insurance Brokers offer free services, so you don't have to pay any financial advice fees. Bear in mind though, that they may be working on commission.

When Is the Best Time to Switch?

Don't let your broker switch your cover too far before the renewal date, as this may incur exit fees (unless the savings outweigh the exit fees). On the flip side, make sure you have continuous cover, so you're always protected. 

Don't leave it until after an incident occurs before finding out your insurance won't cover you. One insurance brokers Edmonton, says to make sure you have the insurance coverage you need now - "Don't wait until after you're in an accident to find out if you have the right car insurance." 

How Can You Find a Reputable Insurance Broker? 

Although insurance brokers are regulated by each state, most states follow the standard of the National Association of Insurance Commissioners, who set the standards and offer consumer advice. The NAIC offers guidelines on how to choose an insurance agent.

Find a broker who will offer free insurance cover checks-ups so you can assess whether it's time to switch. 

If you want the benefit of a face-to-face meeting, then check out brokers in your local area. Word of mouth is always a good place to start.


Having an insurance review doesn't have to be a lengthy, time-consuming process. A single appointment with your insurance broker, be that on the phone or in person, will give you peace of mind that you are fully covered under any eventuality. If you can get the right cover at a lower price, then all the better.

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