What can trigger the need for an insurance policy to be reviewed?

The need for an insurance policy to be reviewed is primarily triggered by changes in the insured's risk profile or coverage needs. This is crucial because an individual's situation can evolve over time due to various factors, such as changes in personal circumstances (like marriage, children, job change), property acquisitions, or changes in health status. These alterations can significantly impact the amount and type of coverage required to adequately protect the insured's interests.

A thorough review ensures that the policy aligns with current needs and that there are no gaps in coverage or excessive premiums being paid for unnecessary coverage. Additionally, understanding how risk is assessed can guide the insured in making informed decisions about adjustments to their policies. Therefore, regularly evaluating the policy in light of changing circumstances is essential to maintain effective risk management and financial protection.