Five reasons why you should review your life insurance

Blue banner with white text: Life insurance: 5 reasons why you should review your life insurance

 

Be honest with yourself - when was the last time you reviewed your life insurance? Your total permanent disability or trauma cover? Your income protection policy? If you've had the same policy for a while, there's a chance that it may have been years since you last reviewed it.

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 doesn't meet your needs anymore. On the other end of the spectrum, you may be underinsured and not covered for all eventualities. 

With over 11 life insurance providers operating in a competitive environment, it pays to review your insurance regularly to ensure that it is still on par with what the market has to offer.

Here at Insurance House Life, your Life Adviser will do all of this for you. They'll take the time to understand your needs, review your current policies and identify if they still meet your needs. And if need be, they'll search for a new policy that has more appropriate coverage for you.

 

If you answer "yes" to any of these questions, then you should consider getting your life insurance reviewed.

  1. 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 don't 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.
     
  2. 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 was 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?
     
  3. 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're still covered.
     
  4. Has your family situation changed?
    Changes to your family can greatly impact your personal insurance policies. Whether you're getting married (and potentially adding stepchildren to the mix), having or adopting a baby, or you've lost a loved one, you may want to review your level of cover and who your beneficiaries are.
     
  5. 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've given up smoking - generally it has to be for at least 12 months - speak to your Adviser to see if you're eligible for cheaper premiums.

 

If you wish to have your insurance reviewed by a professional, our Life Advisers can take you through the insurance review process step by step. If they see any gaps or changes that are needed, they will come up with a comprehensive insurance solution to suit your needs.

To speak to a member of the Insurance House Life team, call us on 1300 834 305 or email us at life@ihgroup.com.au

 

Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information. Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product.
Tim Hawker, Mike Townshend, Craig Matthews, Nicky Hamilton-Morris and Mark Oliver of Investment House Echuca T/As Insurance House Life ABN 90 105 663 401, are Authorised Representatives of Bombora Advice Pty Ltd ABN 40156 250 565, Australian Financial Services Licence 439065
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