Is your policy up to date? It's time for annual reviews!

You’re the one changing lives! You’ve stepped up and taken out a 1Life policy for your family. You know that if you pass, your life policy will take care of them and your funeral policy will make sure they get the beautiful send-off they deserve. But has your policy kept up with the changes in your life? It’s really important to review and update your 1Life Insurance policy regularly so let’s do it in just three easy steps.

Step 1: Get a copy of your policy schedule. You can review your policy details and download policy documents on the online policyholder services portal

Step 2: Use the guide below to identify any life changes that might mean you need to make changes to your policy.

Step 3: Update your policy to reflect your new circumstances, either on the online policyholder services portal, with your financial adviser or a skilled 1Life Insurance consultant.

Getting married – or getting serious!

Congrats and good luck! We wish you everything of the best. Now do the best for your policy!

Life cover

1. Sum assured: check that your sum assured will take care of your new partner or spouse if you pass away - and increase it if necessary.
2. Beneficiary: check and change your beneficiary if you need to.
3. Contact details: it’s always good to check these and make any changes.

Funeral cover

1. Additional members: you may want to add your partner or spouse, and perhaps even their extended family such as your parents in law, as additional members on your policy
2. Beneficiary: check and change if necessary
3. Contact details: update any changes to these such as addresses

Top tip: You should also review your policy if you are getting a divorce.

New-born all-nighter?

Sleep will come – one day! If you have a new baby or are caring for a new family member you should check your cover amounts and beneficiaries.

Life cover

Sum assured: check this is sufficient or increase to meet the needs of your growing family. Your new-born needs love, nappies and baby food now, and in a few years their first school uniform and at least ten years of school fees! Ensure your sum assured is enough for all these costs.

Funeral cover

Additional members: you may want to add new family members as additional members on your policy. Make sure the sum assured for each new family member will cover the costs of a respectable funeral.  

Starting a new 9 – 5

We hope the new job is going well and you are hard at work! But be sure to take time to work on your policy as well.

Life cover

1. Occupation changes: you must let 1Life Insurance know if your occupation changes as it can change your risk profile
2. Contact details: update if any of these have changed, such as email address and contact numbers
3. Sum assured: that new salary looks good! If it changes your lifestyle your sum assured may need to increase
4. Bank details and debit order date: make sure these are correct and that the debit order date is close to your salary payment date

Funeral cover

1. Contact details: update these if they have changed such as email addresses
2. Bank details and debit order date: check these and update if there are any changes, and make sure that your debit order date is close to your salary payment date
3. Sum assured: a bigger salary could mean you can afford a little more cover to pay for a beautiful send-off for your loved ones. Review your sum assured to see if it will meet all you need or if you should increase your cover

Started smoking or vaping?

Smoking, which includes vaping, does affect your risk and life cover premium so take a moment to make changes to your policy. And if you stop you should let us know as you could be in for a lower premium.

Taking part in any high-risk activities?

If you are regularly engaging in a risky activity, your life cover could be affected! Let us know if you take up a dangerous hobby such as bungee jumping or scuba diving

Checked and changed

Well done! You’ve successfully reviewed and updated your policy and taken care of your loved ones! And remember that if you have any questions on policy reviews, you can always chat to your financial adviser or one of our skilled consultants.