Life doesn’t stay the same for long. You quickly find yourself going through different stages of life with new priorities, responsibilities, or people depending on you. If you bought life insurance years ago, then chances are your priorities have changed. You might’ve taken on a mortgage (or paid it off), started a family (or watched your kids grow up and leave home). These life changes affect how much life insurance you need.
That’s why it’s a good idea to review your policy every year or two – or whenever something big changes in your life. It helps make sure your insurance still matches your current needs, not your past ones.
Why reviewing your cover matters
Life insurance is there to provide financial support to the people you care about if something happens to you. But life doesn’t stand still - and if your situation changes and your cover doesn’t, you could end up with a gap in protection, or be paying for more than you actually need.
There’s no perfect schedule for reviewing your cover, but it’s a good idea to do it whenever something in your life shifts – whether you’re taking on more responsibility or letting some go. Maybe you’ve had a baby, or your kids are now financially independent. You might have bought your first home, taken on a new loan, or finally paid off the mortgage. Changes in your job, income or savings can also affect how much cover you need. Relationship changes, like separating from a partner or starting fresh with someone new, are also worth factoring in. Even stepping into or out of a caregiving role for someone can change what kind of protection makes sense.
And even if nothing major has changed, it’s still worth a quick check-in now and then to make sure your policy still fits the life you’re living today - not the one you had when you first took it out.
How to review your cover
Start by thinking about what you want your insurance to do. Would it cover your mortgage? Help your family with living costs? Provide for your children’s education? Support your partner without your income? Understanding your goals is ultimately the best guide.
If you're not sure where to start, our digital advice tool can help. It takes just a few minutes and gives you a personalised recommendation based on your current situation. It’s free, and you don’t have to make any decisions straight away. And if you’d rather talk it through, the Pinnacle Life team is always here to help.
It’s quick – and worth it
Reviewing your life insurance doesn’t have to be complicated. And it could make a big difference down the track. It’s all about making sure your cover reflects your life now, not what it looked like five years ago.
