Life insurance is not a “set-and-forget” product, it lives with your clients and needs to change as their life changes. Just like technology, medical science and financial planning needs evolve, so too do insurance solutions. Yet many clients remain with outdated policies that no longer provide the level of protection they need. As a financial adviser, part of your responsibility is to help clients identify when their cover is outdated and guide them toward the most suitable alternatives.
Why reviewing old policies matters
Clients often assume that because they already have life or critical illness cover in place, they are adequately protected. But products issued even 10 or 15 years ago may no longer reflect the best available definitions, claims processes, or benefits. Outdated policies can expose clients to risks such as limited pay-outs, unnecessary exclusions, or onerous notifiable events that force them to disclose lifestyle or medical changes long after the policy was taken out.
Regular reviews not only safeguard clients but also strengthen your role as a trusted adviser who ensures their cover evolves with their lives.
Pay special attention to critical illness cover
One of the most important areas to review is critical illness cover. Medical advances and industry competition mean that the scope and definitions of conditions have improved significantly. For example, a heart attack or cancer definition from 20 years ago may be far narrower than today’s versions, where broader wording allows more clients to qualify for claims.
By comparing a client’s current definitions against what is available in the market, you can highlight whether their cover still provides meaningful protection. If their policy excludes certain modern definitions or requires severe impairment before paying out, you should explain the potential consequences and discuss whether a move to a more up-to-date product would be beneficial.
Watch out for outdated notifiable events
Older contracts often include onerous notifiable events clauses, which require clients to inform the insurer of any lifestyle or occupational changes after inception. This can create uncertainty and risk of non-disclosure. Look for more modern policies with fewer of these ongoing disclosures.
The challenge when clients can’t move their cover
Sometimes, despite the shortcomings of their cover, a client is simply unable to switch policies. If they have developed serious health issues, any attempt to move to a new insurer may result in declined applications or unaffordable loadings. This is where your role becomes both delicate and critical.
The first step is prevention: make sure clients don’t reach a point where health problems lock them out of accessing cover. Recommending insurers that allow changes or increases without requiring medical underwriting, such as BrightRock, can future-proof their protection. These features ensure that as clients’ needs grow, they can adjust their policies without being penalised for health changes.
If a client is already in poor health and stuck with their current cover, your advice should shift to preservation. Emphasise the importance of never letting that policy lapse, as it may be their only personal cover. In addition, review their group risk benefits through their employer. Some group schemes allow members to increase their cover within certain limits without full underwriting. They should also seriously consider converting any group risk cover to personal cover if they leave their job. This can provide a valuable safety net for clients who are underinsured but are unable to secure individual cover.
Your role as the adviser
Clients may be reluctant to change long-standing policies, but when you explain the risks of outdated cover and the advantages of modern alternatives, you add measurable value to their financial security. By keeping an eye on evolving product definitions, exclusions, and underwriting rules, you can help clients avoid being trapped in policies that no longer serve them.
This article is attributed to National Distribution Executive at BrightRock, Etienne Fourie, and was originally published by Cover on 4 September 2025. You can read the original article here. https://www.cover.co.za/news/why-mid-life-demands-a-strong-life-insurance-plan