Policy Anniversary
A policy anniversary is the annual date your insurance policy renews. It's often when your cover, premiums or other policy features may be reviewed or updated.
Your policy anniversary is the date each year that marks another year since your insurance policy started. While your cover generally continues throughout the year, the anniversary is an important milestone for both you and your insurer.
Depending on your policy, this is often when changes such as premium increases, indexation (automatic increases to your level of cover), or policy updates take effect. If you've chosen stepped premiums, your premium may increase each year as you get older. Some insurers may also notify you of any changes to policy terms or benefits around your policy anniversary.
A policy anniversary is also a good opportunity to review your insurance. Life changes such as buying a home, getting married, having children or changing jobs can all affect the amount and type of cover you need. Reviewing your policy each year helps ensure it continues to match your financial goals and personal circumstances.
Although you don't have to wait until your policy anniversary to make changes, it serves as a helpful reminder to check that your insurance is still working for you.
Why It Matters
Your policy anniversary is more than just a renewal date - it's an opportunity to review your cover and ensure it continues to meet your needs. A regular review can help keep your insurance aligned with your changing lifestyle and financial commitments.
Common Misunderstandings
"My policy expires every year."
Not usually. Most insurance policies automatically continue as long as the premiums are paid and the policy remains active.
"The only thing that changes is my premium."
Not necessarily. Depending on your policy, your level of cover, indexation or other policy features may also change.
"I only need to review my policy if something happens."
No. An annual review can help ensure your cover keeps pace with changes in your life and financial situation.
"I can't make changes until my policy anniversary."
Not true. You can usually request changes to your policy at any time, although some changes may require underwriting.
FAQs about Policy Anniversaries
-
Depending on your policy, this may be when your premiums, cover amount or indexation are updated, and it's a good time to review your insurance.
-
It depends on your premium structure and the insurer. Some policies increase each year, while others are designed to remain more stable over time.
-
Yes. Most insurers allow you to request changes throughout the year, although some changes may require additional assessment.
-
Yes. An annual review is a good way to make sure your insurance continues to reflect your current needs and financial goals.
Your insurance should evolve as your life changes. If your policy anniversary is coming up, it's the perfect time to review your cover and make sure it still meets your needs. Talk to a New Vision Financial Services adviser for a personalised review and the confidence that your protection is keeping pace with your life.