Having life insurance in place is an important step – but it’s not something you can simply “set and forget.” Life rarely stays the same, and as your circumstances change, the amount and type of cover you need may also shift. A regular review helps make sure your insurance continues to fit your situation and provides the right support if something unexpected happens.
Why reviews are important
Insurance is about protecting what matters most to you and your family. But as your life changes, so do your responsibilities and risks. A review helps ensure that:
- You have enough cover for your current debts and expenses
- Your policy still matches your family’s needs and lifestyle
- You aren’t paying for cover that no longer applies to you
- Any changes in rules, products or options are taken into account
Common life changes that trigger a review
Some of the key times it makes sense to look at your cover include:
- Buying a home or increasing debt – if you’ve taken on a mortgage or larger loan, you may need more cover to ensure your family can stay secure if something happens
- Starting a family – children bring joy, but also new financial responsibilities. Cover may need to increase to provide for their upbringing and education
- Changes in income – higher income can mean bigger lifestyle costs and commitments, while lower income may reduce what you can afford. Both are reasons to check that your cover is still suitable
- Marriage or separation – new partners or changes in family structure can affect who relies on your income and who should be protected
- Career moves or business changes – starting a business, becoming self-employed, or changing jobs can all affect your financial safety net
- Health changes – improvements in health can sometimes open up new options, while health issues may increase the importance of maintaining existing cover
Building reviews into your plan
A good rule of thumb is to review your insurance every couple of years, or whenever you experience a major life change. Your adviser can guide you through what adjustments, if any, are needed. Sometimes it’s about increasing cover, but other times it may simply mean reshaping or reducing cover to better suit your new situation.
Regular reviews are not about buying more insurance for the sake of it – they are about making sure your existing protection continues to do its job. By aligning your cover with your life as it changes, you can feel confident that your family and future are well protected.
