The Importance of Regularly Reviewing Your Insurance Policies
Life is constantly changing — and so are your insurance needs. The cover you put in place a few years ago may no longer match your current lifestyle, income, or family situation. That’s why regularly reviewing your insurance policies is one of the smartest financial habits you can develop.
Life Changes, and So Should Your Cover
Major milestones often bring new responsibilities. Have you recently:
Bought a house or investment property?
Welcomed a new baby?
Changed jobs or received a significant pay rise?
Started or grown a business?
Entered into (or left) a relationship?
Each of these events can affect how much cover you need — and what type of cover best protects you. For example, if your income has increased, your existing life or income protection insurance may no longer provide enough support for your family if something unexpected happens.
Avoid Paying for Cover You Don’t Need
Regular reviews aren’t just about increasing cover — sometimes you can actually save money. You might have policies that overlap or benefits you no longer need. A professional review can help streamline your cover, ensuring you’re not paying for unnecessary extras.
Stay Ahead of Policy Changes
Insurance providers occasionally update their products, improving benefits and definitions. A review gives you the chance to upgrade to a newer policy that may offer better protection — often without increasing your premiums.
Peace of Mind for You and Your Loved Ones
Knowing that your insurance matches your current situation provides confidence that you and your loved ones are financially protected if life takes an unexpected turn.
When to Review
As a general rule, aim to review your policies:
Every 12–24 months
After any major life change
When your financial goals shift
Amy Callon
Financial Adviser
New Vision Financial Services
Plan your future and let us help you have peace of mind along the way.