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NewsAdjusting Your Life Insurance Policy to Fit Your Current Needs

Adjusting Your Life Insurance Policy to Fit Your Current Needs

In The Game of Life, you bought insurance and only thought about it when you could collect against it or when it saved you from having to lose a turn.

Now that you’re an adult, you probably only think of your life insurance when the premium is due, if you think about it at all. But if you have that set and forget mindset, then we encourage you to look at your policy in case you can save.

Can you answer yes to any of the questions below?

Did you take the policy out when you were single?
Are you married now?
Are you divorced, widowed etc now?
Do you have kids?
Have the kids moved out?
Were you a few kilos overweight?
Were you living in a different home?
Did you have a smaller or larger mortgage?
Were you a smoker?

How different is your life now compared to when you bought the policy?

Dust off that old insurance policy and review it and see if you are paying for what you need, for things that are no longer needed in your life, or if anything you need is missing.

Your life has changed and your life insurance policy should change with you. Now that you have reviewed your policy, don’t set it and forget it. Review it annually or at least every two years to make sure it’s always update to match your life.

Any advice provided in this article is general in nature and does not take account of your personal objectives, circumstances or needs. If in doubt about your personal situation you should seek financial advice.
 

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Anonymous
Anonymous from SA commented:

I set up my life insurance when I was in my 20s. I am now 52 and would like to review it as it seems excessive compared to what some of my friends are paying. 

Shelia at Fifty Up Club
Shelia at Fifty Up Club from NSW commented:

It is very smart to compare. What you needed when you were 20 might not be what you need at 52. Be sure to compare our FiftyUp Life Insurance too. 

TERRY
TERRY from NSW commented:

As you reach the 70's the price escalates and the point is reached whether it is worth continuing to pour $ after $ into it for little return. Which dollar is best value the one you can spend now or the one your family receives after your gone ? Perplexed Terry 

paul
paul from QLD commented:

Most important that you get maximum value for your insurance dollar 

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