How to Review Your Life Insurance Policy

It's important that you regularly review your life insurance policy as you experience significant changes in your life. Ideally, you have to review your policy every 2-3 years in order to ensure that your current one can still adequately provide for your family's needs in case of an emergency.

But how exactly do you review your life insurance policy? We will walk you through the basic process of how do it in the list below, so if you're ready then read on.

Let's get started with...

  1. Determining the value of your policy. While you may know exactly how much you are covered for by your policy, you also need to compare it with your current needs. You have to make sure that the cover you receive will be enough for your family's ongoing expenses should you get sick, injured, or die.
  2. Reviewing the features of your policy. A lot of things can happen in three years. Because of that, your needs also change along with it. Thus, you have to review the features in your current policy as well. You have to find out if there are features that you need to add to meet your current needs, or those that no longer apply to you, which you could then let go of.
  3. Creating a summary of your policy. After your initial review, you should do a review again in another 2 or 3 years. You should then make it easier for yourself to do the review by creating a summary of your policy. List down the details of it, the amount of cover you have, and possible restrictions that are included. Doing this would make your job a lot easier in the future.

Optional: Hire a professional. The tips we shared with you above cover only the basic details of your policy, since it is easy to do on your own. However, for more complicated details, it pays to get professional help. This may include your solicitor, accountant or estate planner.

All in all, doing a review of your current life insurance policy is simple. All you need to do is familiarise yourself with your policy once again and find out if it is still adequate to cover your current needs.

If you need to upgrade your policy, or are looking to apply for one, talk to our consultants today. They will help you find the best policy for your needs by assessing your personal circumstances as well as providing you with rate comparisons of Australia's top insurers. Contact us today for more details!

Get your quotes now

What to find out more? Enquire now

Published on June 6-th, 2013 in Life Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

More on this topic

Enquire about Life Insurance

Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.