Advice matters
Did any of these life events happen to you in 2022?

It’s hard to believe that another year has almost gone by. Has anything changed in your life in the past 12 months? If so, your insurance needs may also have changed, triggering the need to review your existing cover (or take out brand-new financial protection).

Here are some key life events to consider, as part of your annual insurance check-up.

A new mortgage

There’s no two ways about it: mortgages are big, long-term financial commitments. So, if you’ve recently bought your first home, the next one or a rental property, make sure you protect your ability to repay the home loan.

Types of cover like life insurance and income protection could make all the difference down the line, should something happen to you before the mortgage has been paid off. And even if you already have life cover, income protection or both, it’s important to check that the level is still appropriate, and adjust it if necessary.

A change in relationship status

Getting married, separating or divorcing – any change in relationship status is likely to trigger the need for an insurance review.

If you’re single and without significant amounts of debt, carrying little insurance can make sense. But if you’ve just tied the knot or are in a serious relationship, that’s another matter entirely. As you and your partner are planning life together, finding ways to keep your future safe is the key.

On the other hand, if you were in a couple when you took out cover, but you’ve since separated, you might want to adjust your financial safety net. Perhaps, you’ll find that you don’t need as much cover or that the policy ownership needs updating.

A newborn baby

First of all, congratulations! Without taking away from the joy of parenting, there’s no denying that having children comes with extra costs as well as a whole new outlook on life.

That’s why reviewing your insurance needs is crucial: it’s about securing your current lifestyle, but also your child’s future. For example, you may take out enough life insurance to help your family afford the cost of tertiary education, if you were no longer around.

Depending on your circumstances, there may be a wide range of insurance types worth considering – from health and life cover, through to trauma cover and income protection. Get in touch if you’d like to discuss your needs.

Your income has changed

If your income has changed – whether that’s because you’ve received a pay raise or have started a new job with a lower income – your financial picture has changed too. And that means it may be a good time to review your cover.

Earning more than before? You might choose to expand your insurance plan. Earning less? It’s all-the-more important to ensure that your money is spent where it matters. Either way, we’re here to help you assess your circumstances.

Get in touch

These are just a few examples of life events that can impact your insurance needs. There can be more, like stopping smoking, quitting a dangerous job or hobby, and starting a business.

Whatever happened in your life in the past year, please don’t hesitate to book your annual insurance review. Click here to find an adviser near you: we can assist you with identifying any protection gaps.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.