How to Increase Your Life Insurance
Is It Time to Boost Your Life Insurance Cover in 2025?
Life insurance isn’t just a policy, it’s peace of mind. It’s about knowing that, if life takes an unexpected turn, your family’s financial future is protected.
In 2025, the insurance landscape in Australia continues to evolve, with changing regulations, smarter technology, and rising expectations from customers. The good news? It’s never been easier to review and increase your life insurance coverage.
Start with What You Have
Take a good look at your current policy. How much are you covered for? What’s the premium, and are there any exclusions? Big life changes such as getting married, starting a family, buying a home, or starting a business are all signs that your current cover might need an update. It’s a smart habit to review your policy each year or after any major event.
Work Out What You Really Need
Your life insurance cover should reflect the real financial footprint you leave behind. It's not just about a lump sum, it’s about preserving your family’s future and lifestyle when you’re no longer here to protect them.
Here’s how to think about it in a broader, more personal way:
Clear the Big Debts
Start with the obvious: your mortgage. If your home loan isn’t paid out, could your partner or family afford the repayments alone? Include:
- Home mortgages or investment property loans
- Personal loans and car finance
- Outstanding credit card balances
Protect Your Family’s Lifestyle
Imagine life continuing for your family without your income. Think about:
- Replacing your annual income for 5–10 years (or until your youngest child is financially independent)
- Household bills like utilities, groceries, fuel, insurance, maintenance
- Childcare and family support services if your partner needs to work more or manage on their own
Fund Future Milestones
Think long-term. Will your kids want to go to university? Will there be wedding expenses one day?
- Primary and secondary school fees
- University tuition or trades/TAFE training
- Extracurricular activities like sports, dance, or music
Cover Immediate Expenses
Final costs can be a financial shock. Planning ahead eases the burden during a difficult time:
- Funeral and burial or cremation costs
- Legal and estate administration fees
- Any unpaid medical or end-of-life care expenses
Factor in Inflation & Life's Curveballs
The dollar you insure today won’t stretch as far in 10 or 20 years. Make sure your cover keeps pace with:
- Rising living costs
- Unexpected events or emergencies (e.g. home repairs, medical needs)
- Economic conditions that could impact your family’s financial plan
Chat With an Expert Broker (Like Morgan Insurance Advisors)
Navigating life insurance alone can feel like reading a foreign language. That’s where a trusted adviser becomes more than just helpful, they become essential.
At Morgan Insurance Advisors, we’re not tied to any one insurer. We work for you. That means you get access to the best products across a range of reputable providers, and tailored advice based on your actual needs, not sales quotas.Here’s how working with us gives you the edge:
Top Up Your Existing Cover
- We help assess whether your current policy still fits your life today and what might be missing.
- If your needs have grown, we can explore increasing your sum insured without requiring a brand-new policy or medical underwriting, depending on the insurer.
Add Extra Layers of Protection
Life isn’t one-size-fits-all, and your cover shouldn’t be either.
We can advise on adding additional covers like:
- Total and Permanent Disability (TPD): Pays a lump sum if you become permanently disabled
- Trauma (Critical Illness) Cover: Supports you through serious medical conditions like cancer or heart attack
- Income Protection: Replaces a portion of your income if you're unable to work due to illness or injury
Upgrade or Restructure Your Policy
If your current policy is outdated or lacks flexibility, we’ll help you switch to something more suitable, without overpaying or compromising on protection. We can even implement more tax-effective solutions by funding your life insurance through superannuation, when appropriate.
Dedicated Support, Not Just During the Sale
We’re with you for the long run. Need help with a claim? Got questions after the fact? We’ll be your advocate, every step of the way. Our advisers speak in plain English. No jargon. No pressure. Just honest, strategic guidance.
Tailored Advice That Reflects Your Life
Whether you're a new parent, a business owner, self-employed, or looking to protect aging parents, our team tailors your cover to suit your financial and personal goals
Check Out What’s Out There
Comparing policies is quicker and easier than ever. Use a trusted broker like Morgan Insurance Advisors to see how your policy stacks up. Things to watch for:
- Value for money on premiums
- Flexible options to suit your life stage
- Reliable, supportive claims handling
Consider Your Super
At Morgan Insurance Brokers we can implement your insurance policy to be funded from your existing superannuation policy. If you have life insurance through your superannuation fund, we can review your if you have default cover and instead implement an underwritten contract of insurance so there are no surprises at claim time. An underwritten retail contract will also provide additional features such as the ability to include a 'life buy back' option following a TPD claim or an 'Own' occupation TPD definition.
Keep Your Finger on the Pulse
Understanding what’s changing in the life insurance space means you can make smarter decisions. Let us help you assess whether your cover—both inside and outside super—is doing the job you need it to.
Your life doesn’t stay the sam, neither should your insurance. Whether it’s updating your cover, exploring more cost-effective options, or understanding what’s possible through your super, a quick review today could make a big difference tomorrow.
Want help with your review or quote? Let’s talk.
