Do I need to revisit my insurance?

Revisiting your insurance coverage is an essential part of managing your financial wellbeing. Life is dynamic, and your insurance needs should adapt accordingly. Whether you experience significant life events, changes in income, shifts in your career, adjustments to your lifestyle, alterations in your health, or policy renewals, taking the time to review and update your insurance policies will help ensure that you are adequately protected when you need it most. 

Life event and lifestyle changes

When circumstances throughout your life change, it’s important to protect what matters to you. For example, if you marry or have a child, you may want peace of mind that the new additions to your family maintain some financial security if you’re unable to work due to injury or illness, or in the event of your death. Here are some common life events that often require you to revisit your insurance.

Marriage: When you tie the knot, your financial responsibilities and beneficiaries may change. You may need to update or combine policies with your spouse.

Divorce: Separation or divorce can lead to a reassessment of your insurance coverage, especially if you were previously sharing policies.

Birth or Adoption: The arrival of a new family member means new financial responsibilities. You may need to increase life insurance coverage or add them to your health insurance.

Death of a Loved One: The loss of a spouse or parent can have significant financial implications. It’s crucial to review your policies to ensure you have the necessary coverage.

Moreover, if you take up new hobbies, travel more frequently, or engage in high-risk activities, you may need to adjust your coverage to mitigate potential risks. When you retire or downsize your home, your insurance requirements may also change significantly.

Changes in income and assets

Your income and assets play a significant role in determining your insurance needs. If you experience a substantial increase or decrease in income, it may affect the amount of coverage you require. Similarly, if you acquire valuable assets, such as a home or car, you should reassess your insurance to ensure these items are adequately protected.

Your career can also impact your insurance requirements. If you switch jobs, start a new business, or experience changes in employment benefits, it’s essential to review your health, disability, and life insurance policies to ensure they still provide the coverage you need.

Alteris Insurance

In recent years, there have been significant changes within the Australian insurance industry. While we have always viewed life insurance advice as a key component of financial advice, it has become increasingly apparent that life insurance advice requires specialist expertise and we have been exploring the most optimal way to ensure that insurance needs are met for our clients.

We have therefore partnered with MBS Insurance (MBS) to form a new joint venture called ‘Alteris Insurance’. MBS has been providing personal and business insurance advice, ongoing insurance management, and complete claims management for more than 15 years, providing a solution that complements the Alteris professional offering. If your circumstances have recently changed, please speak with your adviser who will provide guidance, and put you in touch with an Alteris Insurance specialist to help you make informed decisions about your coverage.