Life Events and Insurance: How Major Milestones Affect Your Coverage Needs
Life doesn’t stand still—and neither should your insurance cover. As your circumstances change, the personal insurance that once suited you perfectly might no longer provide the protection you or your family need.
At New Vision Financial Services, we believe your insurance should grow and adapt with you. That’s why it’s important to review your cover when major life milestones occur. Here's a look at the key events that can impact your insurance needs—and why checking in with your adviser after each one is a smart move.
1. Increase of Debt You Want Covered
Taking on new debt—whether it’s a new mortgage, personal loan, or business lending—can significantly impact your insurance needs. If something were to happen to you, would your current cover be enough to repay those debts?
Updating your cover ensures your loved ones aren’t left with unexpected financial pressure.
2. Income Changes—Up or Down
A rise in income often means a rise in lifestyle—and the need to protect that lifestyle. If you're earning more, you may want to increase your cover to reflect your new financial position.
Conversely, if your income has decreased, it may be time to adjust your policy so it’s still manageable and relevant, without sacrificing important protection.
3. Health Events: Major Illness or Surgery
If you’ve undergone a significant medical event, it's essential to revisit your insurance—not just to make sure you're still covered, but also to explore how this might affect future applications or claims.
We can help you understand your options, including how existing cover may support you during recovery or time off work.
4. Change of Employment Status
Switching jobs, becoming self-employed, or leaving the workforce altogether can all affect your insurance needs. Your income protection cover, in particular, might need to be reviewed to align with your new working arrangements. Most often change we see is moving from a hands on tools job to a supervisor roll. This change can mean your at less risk of injury and we can look at cover changes which often means a decrease in premiums.
And if your previous role offered employer-sponsored cover, we’ll help make sure you're not left unprotected.
5. Change to Matrimonial Status
Marriage, divorce, or separation are significant life events that often change financial responsibilities and goals.
It’s a good time to review beneficiaries, shared debt obligations, and overall coverage to ensure your policy reflects your current reality—and your future intentions.
6. Additions to the Family
Welcoming a new baby and adoption is one of the most important times to review your insurance. With more people depending on you, it makes sense to ensure there’s enough cover in place to protect their wellbeing.
We’ll help you look at life cover, trauma cover, and income protection with your growing family in mind.
Keep Your Cover in Step With Life
Your insurance shouldn’t be a “set and forget” kind of thing. Regularly reviewing your policies ensures you're always covered appropriately—no matter how life changes.
If you've recently experienced any of these milestones—or see one coming up—it’s the perfect time to book a review with us. At New Vision Financial Services, we’re here to help make sure your cover continues to protect what matters most.
Nimalka Perera
Business Development Manager
New Vision Financial Services
Plan your future and let us help you have peace of mind along the way.
