Personal Insurance Review – Time for Another Look?

In the wake of recent global events including COVID-19, economic fluctuations, and more, Australians are increasingly aware of the uncertainties life can bring. Ensuring you and your family are well-protected through appropriate insurance coverage has never been more critical. Regularly reviewing your personal insurance policies is essential as life changes, such as marriage, having children, or changing jobs, can significantly affect your insurance needs. We covered in a recent article the number of different personal insurance policy types available, so now let’s explore the events that should prompt a review.

Income Protection

Your income is a critical asset, supporting your future goals and lifestyle. Reviewing your income protection policy is vital to ensure it aligns with your current earnings and lifestyle needs. Policies vary, with options including waiting periods and ancillary benefits. Frequently, low-cost income protection through super funds may not offer comprehensive coverage, so assessing the policy’s fit for your situation is crucial.

Key items to review: Ensuring your family can wait out the applicable waiting period; and confirm that you are insured for an amount in line with your current remuneration package.

Trauma & Critical Illness Cover

Trauma and critical illness insurance provides a safety net, offering a lump sum to cover medical expenses or loans in the event of significant illnesses like cancer or heart attacks. As age increases, so does the risk of such illnesses, making appropriate coverage essential. When you’re reviewing your policies, be aware that family history may influence your coverage needs, and insurers might adjust premiums and coverage based on genetic predispositions.

Key items to review: Family history of certain illnesses or conditions; premiums amounts vs. coverage.

Life & TPD Insurance

Life and Total Permanent Disability (TPD) Insurance supports your family’s financial future in case of death or permanent disability. The thought of facing permanent disability or confronting the inevitability of death is a topic many prefer to avoid. However, the harsh reality is that life is unpredictable, and each of us will eventually face our final moments. In such eventualities, the last thing anyone would want is for their loved ones to endure financial hardships on top of emotional distress. This is where Life and Total and Permanent Disability (TPD) Insurance becomes indispensable. By securing a policy, you ensure that in the event of your inability to work due to severe disability, or in the unfortunate case of your passing, a predetermined sum is paid out to your family. This financial support is designed to alleviate the burden during what would undoubtedly be a profoundly challenging period, providing a semblance of financial stability and security.

Key items to review: Marriage, the arrival of children, significant financial changes, etc.

Review Your Personal Insurance Policies Now

In summary, as Australians navigate through life’s milestones and uncertainties, conducting regular personal insurance reviews becomes important. These reviews ensure that coverage keeps pace with changing life circumstances, offering peace of mind and financial security for you and your family.

Navigating insurance need not be daunting. The Life Risk Insurance team at Priority Advisory Group can assist in reviewing your current insurance policies, evaluating your risk exposure, and develop a personalised solution. Integrating insurance review into your overall financial plan ensures you and your loved ones have peace of mind with adequate protection in place. You can reach out to us on 1300 349 188, or via our website.

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