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The 10 life stages that call for an insurance review

Insurance might not always be top of mind, but it’s important to review your policies regularly to ensure you’ve got the right cover.

Michael Luck

BSc. Econ, BCom, MBus
Authorised Representatives of Millennium Three Pty Ltd
ABN 61 094 529 987
AFSL 244252

Insurance might not always be top of mind, but it’s important to review your policies regularly to ensure you’ve got the right cover.

Having personal insurance, which may include Life, Total and Permanent Disability, Income Protection and Trauma insurance, is an important part of protecting yourself, your loved ones now and in the future.

When should you review insurance?

It’s simply best to review your cover whenever your situation changes. Below are the 10 most common life stages that can affect your coverage needs:

  1. taking on a mortgage to buy a property
  2. having children
  3. getting married
  4. upsizing or downsizing your home
  5. getting a pay rise or take a pay cut starting a business
  6. experiencing a change in your health or lifestyle
  7. paying off your mortgage
  8. stopping supporting financially dependent children
  9. joining a new super fund that may provide automatic insurance cover
  10. retiring.

These milestones mark important times in life and it’s easy to get lost in the day-to-day grind, however you need to remember to always be prepared for the worst. The basic rule of thumb is, “if your circumstances change, so should your coverage.”

Many people often assume they are locked into their insurance coverage, but there is usually no need to feel locked into anything. Insurance is flexible and can be changed to fit your needs.

If you have any questions about the above, please feel free to get in touch with us. We’re more than happy to answer any questions you have about your coverage or insurance in general.

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