Life insurance provides you and your family with financial security and peace of mind when you can no longer. However, the terms of your life insurance are typically agreed in line with your lifestyle and details. So, if any major life events occur that change your circumstances, it is important to review your life insurance to ensure that it will still protect you as you expect it to. 

As changes happen in your life, you may need to update and change your life insurance to protect the changes. So,  what is a life insurance review, and why do major life events trigger a review?

What Is A Life Insurance Review and Why Is It Important?

A life insurance review is a check-up on your policy to understand if its terms still meet your demands. It reviews things, such as: 

• Coverage amount (term or permanent cover)
• Beneficiary details (i.e trust arrangements)
• Policy Type 

It is generally recommended to conduct frequent life insurance reviews (for instance, every 3-5 years) to ensure that details are updated and your life insurance still protects you the way you need it to. You’ll generally be confirming that you’re not paying too much for coverage that you don’t need, or paying too little and not being prepared for the worst. 

Another important time to review your life insurance is when a major life event occurs. This can include marriage, having children or buying a home. When these life events occur, it may change your circumstances by adding responsibilities and people that you care for, and will therefore want to protect under your life insurance.

How Do Major Life Events Trigger A Review?

These events can change your priorities, responsibilities and duties. So, it’s important to review your life insurance and ensure it is updated.

Marriage:

If you get married, it may mean merged finances and joint financial responsibilities. You may want to consider adding them to your life insurance so they’re protected for the future, as they’ll be responsible for your finances and other debts in case of death.

Mortgage:

Buying a home actually triggers an insurance reassessment as you’ll have new responsibilities and debts to insure and protect. You’ll want to ensure that this is clear on your life insurance policy so that your family are protected from financial liability and hardship in case of death.

Children:

When your family grows, so does your financial responsibility. There’s a lot to consider, including education and day-to-day expenses. Both parents must be covered to ensure future financial stability and health. 

How To Review Your Policy

To effectively review your policy, you should assess your needs and how they’ve changed since you purchased your life insurance. When it comes to life insurance, you want to know that you’re getting the best deal possible, so compare quotes with other insurers to cover your bases and secure yourself a policy that protects you and your family. 

It’s always best to seek expert advice from an insurance broker, like Morgan Insurance, who can help you navigate the ins and outs. We’ll give you the clarity you need whilst prioritising your interests. 

How Morgan Insurance Can Help

When you partner with Morgan Insurance to help navigate and review your life insurance, you get an expert. We know the market better than anyone else, so we can help secure you a policy that protects you exactly as you need it to. We’ll leverage our market knowledge to secure you the best deal and guide you through your policy. 

Sometimes all you need is clarity and detail. That’s exactly what you’ll get with us. We don’t want any part of your insurance policy to be unclear, so we’ll help you understand exactly how you’re covered. And we’ll be there for ongoing support, review and claims handling when required. So, you never need to wonder what comes next. 

Get In Touch Today

Protect your family and their financial stability today with Morgan Insurance as your broker and partner. We’ll review your current policy and ensure that you’re set up for the future. Don’t leave it until tomorrow; get in touch with our team today. 

Contact us on 1300 109 778.