Life insurance is one of those things many of us would rather set and forget. The application process can feel long and complex, and once approved, it is easy to assume our cover will remain suitable indefinitely. However, overlooking your personal insurance needs over time can prove costly, or even risky.
Changing Life Circumstances
As life evolves, so too should your insurance. Major milestones such as career progression, family changes, property purchases, or shifts in financial goals can all impact your protection needs. Regularly reviewing your policies helps ensure your cover still aligns with your current financial circumstances and long-term goals.
Evolving Insurance Market
Another reason to revisit your cover is the ever-changing insurance marketplace. The policy that offered the best value five years ago may no longer be the most competitive today. Premiums and benefits vary widely between providers, and in some cases, the difference can amount to thousands of dollars annually.
The following tables highlight the broad discrepancies that can exist in personal insurance premiums across providers. Quotes are based on both male and female aged 45.
| Male Aged 45 | Premium Variance |
| Life Insurance – $3,000,000 | The lowest premium is approximately 26% cheaper than the highest premium. |
| Total Permanent Disability – $3,000,000 | The lowest premium is approximately 61% cheaper than the highest premium. |
| Trauma – $500,000 | The lowest premium is approximately 25% cheaper than the highest premium. |
| Income Protection – $30,000 per month until age 65, with 90 day waiting period | The lowest premium is approximately 45% cheaper than the highest premium. |
| Female Aged 45 | Premium Variance |
| Life Insurance – $3,000,000 | The lowest premium is approximately 27% cheaper than the highest premium. |
| Total Permanent Disability – $3,000,000 | The lowest premium is approximately 61% cheaper than the highest premium. |
| Trauma – $500,000 | The lowest premium is approximately 53% cheaper than the highest premium. |
| Income Protection – $30,000 per month until age 65, with 90 day waiting period | The lowest premium is approximately 32% cheaper than the highest premium. |
Why It Matters
Regularly reviewing your insurance gives you peace of mind that:
- Your cover remains aligned with your lifestyle and financial situation.
- You’re not overpaying for outdated or less competitive policies.
- You’re protected with the best available options on the market.
Your insurance strategy should evolve as your life and the industry do. A periodic review could save you money and ensure you’re properly covered when it matters most.
If you would like to learn more about this topic please get in touch.
