Life is full of unpredictable twists and turns, both positive and negative. From new beginnings like falling in love or starting a new job, to unexpected challenges like illness or the loss of a loved one, life can often throw us for a loop.

That's why having life insurance is important. It can provide you and your family with financial protection when you need it most. However, it's crucial to ensure that your life insurance policy still meets your current needs.

Why review your life insurance?

When your life changes, your insurance needs do too. For example, if you take on more debt or start a family, you may need more insurance in line with your new financial responsibilities. Or, as your children get older and less financially dependent, you may want to decrease your cover – and potentially the premiums you pay.

When’s a good time?

You may want to consider reviewing your cover when you:

• get a pay rise
• take out or increase a home loan
• get married, or divorced
• start a family
• pay off your mortgage
• have children move out of home
• receive an inheritance, or
• change your financial situation or lifestyle – like downsizing your home, or retiring.

What should you check?

Your financial adviser can help you review your cover and assess your current insurance needs.

Here are some things you should discuss:

Cover amounts: Your cover amount should reflect your current financial situation. If your circumstances have changed, such as a new job, marriage, or children, your cover amount may need to be adjusted. Your adviser can help you calculate your ideal amount based on your current income, expenses, assets, and liabilities.

Insurance types: You may have Life Cover and Total and Permanent Disability (TPD) Cover, but what about other cover types? For example, Income Protection (IP) or Critical Illness (CI) could help you maintain your lifestyle should illness or injury strike, with extra financial support while you recover.
Extras: You may have additional features you took out with your policy. However, these extras may not be relevant to your current situation, and you may be paying more than you need to. Review these extras with your adviser to see if they still meet your needs.

Beneficiary details: It's important to update your beneficiary details regularly, especially if your family situation has changed. For example, if you've recently divorced or remarried, you should update your beneficiary details to make sure your insurance benefits go to the right person.

Talk to your financial adviser or us

If your circumstances have changed since you last reviewed your policy, now’s a good time to contact your financial adviser to discuss your options. You can also contact us on 13 65 25 Monday to Friday, 8.30am to 6pm (AEST/AEDT).