Why it matters
Cover often stays the same while life changes. A policy that fitted five years ago may cover too little today, or overlap with another. A review turns insurance into a living plan rather than something forgotten in a drawer.
When to do it
Once a year, and whenever something important changes:
- Marriage or moving in together, divorce or separation.
- A new child.
- A new loan, refinancing or paying one off.
- A new job, a change of income or starting your own business.
- Moving to or away from Cyprus.
- Retirement coming closer.
What to check
- Beneficiaries. Are they still the people you want? After a marriage, a divorce or a child they often are not.
- Sums insured. Are they enough for today’s loans, income and family goals?
- Indexation. Do the amounts keep up with inflation, or lose value every year?
- Terms and renewals. Do you know the main exclusions and when each policy renews?
- Loans. Does your life cover reach today’s balance on every major loan?
- Overlaps and gaps. A group plan at work, GESY and your own policies: what is covered twice, and what not at all?
Before you change or cancel a policy
- Do not cancel a policy before the new one has been accepted and is in force. A new policy may ask for a new medical assessment, have a waiting period or exclude health conditions you already have.
- With savings or investment policies, cancelling early often returns less than you paid in, especially in the first years. Ask in writing for today’s surrender value.
- If the policy is assigned to a bank, nothing can change without the bank’s agreement.
- For a new individual life policy you have 30 calendar days to cancel (Law 38(I)/2016, Article 228), counted from when you are told it has been concluded; policies that secure a loan are an exception.
What to have with you
- Your policies (life, health, home, car) or photos of them.
- The latest renewal notices or annual statement from the insurer.
- The balance and end date of your loans.
- Any cover you have through work.
- Your questions, written down.
Everything on one page
Write each policy on one page: insurer, number, premium, renewal date, main exclusions and beneficiaries. Tell your family where it is kept. In a difficult moment, that page saves a lot of time.
This guide is general information, not advice. Every policy has its own terms; a recommendation should be based on your own details, goals and commitments.
Next steps
Run the check, prepare the page with your policies and book a review appointment. The claim readiness checklist shows whether your documents are ready for a difficult moment.
