Do you review?

Wednesday, 1st September 2010 17:11 - by Resident IFA

At 6.45 a.m. today I enjoyed my weekly business networking fix...good venue, good weather, good company, and a good breakfast! Each week, each Member of the BNI Chapter has a 60-second slot in which to promote their business and any ‘Hot Topic’ or ‘Ideal referral’ they see fit. My weapon of choice today was the results from a survey by one of the price comparison websites...boo, hiss. The survey results suggested that “A massive 12.8M Britons” had not reviewed any financial products in the last year i.e. Mortgage, Insurance, Savings account, etc. To trump this, 3M people had never reviewed their policies since the day they were arranged! In affluent times, these might not be shocking statistics, but in today’s straitened times with people ‘feeling the pinch’, it does surprise me. Perhaps they are just trying to keep body & soul together, having no energy or inclination left for the excitement of such financial proactivity? The article also pointed out that, for more intricate financial planning discussions, an IFA’s (Independent Financial Adviser) advice should be sought. I agree. Back to my main thrust, the few minutes it takes to double-check a couple of policies could be worth £20-£25 per month. Not bad in anyone’s language. For example, the Life Insurance market had a period of intense price competition (and possible reality around the chances of someone dying pre-65) a few years back. Even with a few more birthdays under your belt – providing your health has not altered to any substantive degree – a review of that 25-year life policy taken our 10-15 years ago may now bear fruit. It might be that you are not hell-bent on saving money, so it could be instead a case of increasing the amount or term of cover you have whilst retaining your existing premium. As someone said in the networking meeting this morning, “You get out what you put in”. That hour spent reviewing your Mortgage, Banking, and Insurances could bear fruit. Until next time...