Life is incredibly busy with work, family, pets, friends, running errands and socialising, so insurance may not always be at the forefront of your mind. It can be easier to just renew your insurance policy instead of reviewing it and looking at your options.
By not reviewing your insurance regularly, you are doing yourself a disservice. You could be paying too much money for a policy that does not meet your needs anymore. On the other end of the spectrum, you may be underinsured and not covered for all eventualities.
If you answer “yes” to any of these questions, then you should consider getting your life insurance reviewed.
Do you have insurance through your superannuation?
Don’t just assume that the insurance provided to you through your superannuation is good or well-priced – it may not suit your needs should you need to make a claim. If you do prefer to pay for your insurance through your super, you do not have to rely on the insurance provided by your fund. You can obtain it elsewhere and still use your super money to fund the cost.
Has your level of income changed?
When progressing through your career, your level of pay goes up and you become accustomed to a higher standard of living. If anything were to happen to you that affected your ability to work, would you or your family be able to survive on the level of income that you were originally insured for versus what you earn now?
Has your occupation changed?
Your occupation is one of the factors that can influence your insurance premiums. Changing jobs or careers may mean that you are no longer appropriately covered should anything happen to you. The next time you change jobs, make sure to inform your Adviser so they can check you are still covered.
Has your family situation changed?
Changes to your family can greatly impact your personal insurance policies. Whether you are getting married (and potentially adding stepchildren to the mix), having, or adopting a baby, or you have lost a loved one, you may want to review your level of cover and who your beneficiaries are.
Have you made changes to your lifestyle or health?
Quitting smoking or losing weight can make a positive difference to your insurance premiums. Smokers usually pay a higher level of premium than non-smokers, so if you have given up smoking – generally it must be for at least 12 months – speak to your Adviser to see if you are eligible for cheaper premiums.