Reviewing Your

Your financial responsibilites and priorities change as you go through different stages of life; from buying your fist house to getting married and starting a family. Life insurance gives you the peace of mind that no matter what life throws your way, you have your family's financial future secure. It is important to assess how these ever-changing circumstances will effect the protection you have in place for you and your loved ones.

When is the best time to review my insurance?

It is best to review your insurance policy whenever your your personal circumstances or income changes to make sure that you have the right level and type of cover in place. For example, if you're expecting a child or taking out a mortgage, your financial obligations are bound to increase and so you may need to upscale your level of cover. Similarly, if you have paid off your debts and are no longer financially caring for dependents, you may want to reduce your cover. Some other life events where it might be worthwhile to reivew your life insurances are: Getting married (especially if you have a dependent spouse or new dependent children in blended households) Getting divorced (are your dependents changing?) Coming into an inheritance Car loan or other major financial commitments Taking on the financial responsibility of an aging parent Refinancing your home Having more children A pay rise (if you get used to living on a higher income, adopt a more expensive lifestyle and take on increased financial commitments etc) Losing a job (if funds are scarce, it might be time to re-think your level of cover and the attendant premiums) Positive change in health (for example, you’ve given up smoking) Kids approaching university age (to help them pay their fees) Kids becoming financially independent The death of your spouse (you may need to nominate a new beneficiary for your life insurance)

At times, you get so caught up in life that you may not remember to reconsider your cover when these events take place. A great way to ensure you are always adequately protected is to set up annual reviewss of your policy with your adviser. This can be before the anniversary of your policy or at the end of financial year.

Underinsurance in Australia

Underinsurance in Australia report by Rice Warner in 2017 revealed that the working class of Australia is significantly underinsured. One of the main reasons for this was that once people buy a cover, they fail to review it as their circumstances change. The study also showed that people buying or intending to buy life insurance had very little knowledge about insurance. If you would like to speak to an adviser about understanding your current policy or buying a new one, contact us today.

What do I look for when buying or changing my policy?

If you decide to change your insurer after reviewing your policy, looking at the difference in premiums is not enough. It is also important to consider the level of cover you're applying for - does it cover your current needs? Another thing to keep in mind is what pre-existing conditions you are covered for and if your new insurer will cover you for those conditions. Your new insurer may also have different waiting periods for different types of benefits and it is essential to read the relevant Product Disclosure Statement of the particular insurer before making a decision. It is also important to consider that you’ll need to apply for the new policy, which will be subject to a duty to disclose information about your health and pastimes to the new insurer. For this reason it’s important to think about whether your health or pastimes have changes since you took out your existing policy. The most important thing is to make sure that until your new cover is in place, you do not cancel any existing insurance policy to ensure you are always covered.


If you would like to discuss the contents of this article, please call us at 02 8015 5507 or email us at Please note that at Angelic Insurance, we can only provide you with general information, and do not consider your personal objectives and financial situation. You should consider whether the advice is suitable for you before making the final decision.

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