Life is full of unpredictable twists and turns, both positive and negative. That's why having life insurance is important – but you want to be sure it meets your current needs.

Life is full of twists and turns - your insurance should keep up

From exciting beginnings, like starting a family or getting a new job, to unexpected challenges such as serious illness or the loss of a loved one, life can often throw us for a loop.

That's why having life insurance matters – it’s there to support you and your family with financial protection when you need it most. But as your life evolves, it’s important to make sure your cover still reflects your current needs.

Why review your life insurance?

Your financial responsibilities shift over time.

You might need more cover after buying a home or welcoming a child. Or you might need less as your children become financially independent, or you pay down debt.

Reviewing your policy helps ensure you’re not underinsured – or paying for more than you need. We also share tips on how to make your cover more affordable here.

When’s a good time to review your cover?

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 review?

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

Here are a few key areas to consider:

Cover amounts

Your cover amount should reflect your current financial situation. If your circumstances have changed – for example, if you’ve begun a new job, got married, or are about to start a family – you should probably adjust your cover amount. 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) insurance, but what about other cover types? Income Protection (IP) or Critical Illness (CI) cover, for instance, could help you maintain your lifestyle if you get sick or injured, providing an extra level of financial support while you recover.

Extras

You may have additional features you took out with your policy. However, these may not be relevant to your current situation, and you may be paying more than you need to. It’s a good idea to review these extras with your adviser to see if they still meet your needs and budget.

Beneficiary details

If your family situation has changed – whether due to marriage, divorce, or other life events – updating your beneficiary ensures your benefit goes to the right person. Here’s how to make sure your benefit reaches 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 discuss your options with your financial adviser. You can also contact us on 13 65 25, 8.30am to 6pm (AEST/AEDT), Monday to Friday.