When and why should I review my insurance
- Sep 23, 2022
- 1 min read
Updated: Sep 29, 2022
Life insurance isn’t a ‘set and forget’ kind of thing, because life doesn’t stand still.
That’s why with some life insurance products there are times when you can increase cover without providing new health information. These moments are called ‘special events’ and they include:
Milestone birthdays. With some policies you can increase cover with no new health information at ages 25, 30, 35, 40 and 45.
Getting married or moving in with a partner. Becoming a couple is often a catalyst for getting life insurance.
Adding to your family. Having your first baby or growing your family means your income is more important than ever. It’s a good time to think about increasing your insurance.
Buying property. Some types of life insurance can protect your ability to continue to repay your loan, if your income is disrupted for an extended time by sickness or injury.
Increasing the size of your home loan. If you increase your borrowing, it’s good to think about increasing your protection.
Paying off your mortgage. You might be free of your home loan, but you might want to keep a level of life insurance to protect future plans.
Is your cover up to date?
It’s worth checking in with us to see if your cover is up to date - especially if anything’s changed in your life or business recently. There’s no charge for a review.
Reviewing your insurance annually or after major life changes is essential to ensure you're always adequately protected. Whether you’ve moved, bought a home, or significantly increased your assets, keeping your policies updated prevents coverage gaps. Think of it like planning a Tanzania luxury safari; you wouldn't head into the Serengeti without confirming every detail of your itinerary is perfectly aligned for a seamless experience. Similarly, checking your insurance ensures your financial safety net holds up when it matters most. Take a moment to reassess your needs today—it’s the best way to secure peace of mind for the future!
Reviewing your insurance is crucial whenever life changes, like moving, buying a new bike, or hitting major milestones. You should ideally check your policy annually to ensure coverage still matches your needs and budget. Prices fluctuate, and loyalty doesn't always guarantee the best deal. Personally, I make it a habit to shop around every year. It’s surprising how much you can save by comparing options. If you’re riding in Canada, it’s worth taking five minutes to get a new motorcycle insurance quote ontario to see if you’re overpaying. Staying proactive is the smartest way to keep your finances protected.