When to Review Your Life Insurance Policy

It is important that you review your life insurance policy regularly. There are many reasons why you should do this, such as to take advantage of the different offerings of competing insurance companies. But aside from that, the right timing also important when reviewing your policy. By doing so, you will be able to have a good idea if you need to change, upgrade, or maintain your current one.

But when exactly should you review your policy? There are many instances when you should, which is what this article is all about. In the following paragraphs, we will share with you what these are, starting with...

  1. When you get a raise. Getting a salary increase introduces a lot of changes in your life. For one, it provides you with more buying power. With more buying power, you could then choose to have another child, move to a bigger home, or buy a new car. Whatever you choose to do with your salary, you also need to review and adjust your insurance coverage along with it. By doing so, you and your family will be able to maintain your new lifestyle whatever happens to you in the future.
  2. When you add new members to the family. Having children is one of the most exciting times in your life. But remember that it also requires a great responsibility on your part. Because of that, you might consider increasing your insurance coverage, or add a new policy to it, such as income protection insurance or trauma insurance. That way, your growing family will be adequately protected even if you are unable to work because of an illness or injury.
  3. When you acquire new assets. Let's say that you acquired a new home either as an investment or as an inheritance. When you gain a new asset, it's important that you secure it so that your family will be able to enjoy it or benefit from it in the future. You should therefore review your policy and make sure that your current one is adequate enough to meet your family's needs and maintain the assets that you worked so hard for to acquire.

Get Insured Today!

Are you looking to change your current policy? The consultants at Rate Detective are ready to help you. They will go beyond providing you with cookie-cutter solutions, by listening to what your specific needs are. They will then provide you with personalised rate comparisons of Australia's top insurance companies, thus enabling you to find the best policy for your needs. 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.

Related Topics