5 life events that mean it’s time to review your life insurance policy
Here are five major life events that signal it’s time to check if your policy still works for you.
Life is full of big moments and hopefully lots of exciting, life-changing events that shape your future. But did you know that some of these milestones should also trigger a review of your life insurance policy?
Your policy isn’t a "set it and forget it" type of thing. As your life evolves, so do your responsibilities, financial commitments, and the people who rely on you. Ensuring your cover still meets your needs is key to keeping your financial safety net.
Here are five major life events that signal it’s time to check if your policy still works for you.
1. Getting married
Marriage is about love, commitment, and... finances. Once you tie the knot, your financial future becomes intertwined with your partner’s. That means it’s time to think about how your life insurance can protect them if the unexpected happens.
A payout could help cover:
✅ Shared financial commitments (like rent or a mortgage)
✅ Daily living costs
✅ Future plans you’ve built together
If you already have a policy, consider updating the payout amount or adding your partner as a beneficiary on your trust forms. If you don’t, now could be the perfect time to get covered.
2. Buying a home
Your home is likely one of the biggest investments you’ll ever make. But what would happen, touch wood, if you were no longer around to contribute to the mortgage?
That’s where life insurance (or mortgage protection insurance) comes in. It ensures your loved ones aren’t left struggling with the monthly repayments. Without it, they might face the difficult decision of selling the home.
Even if you already have a policy, check that your cover amount matches your outstanding mortgage balance. If not, it’s time for an update.
3. Having a baby
Welcoming a new life into the world is one of the biggest reasons to review your life insurance. Your little one will depend on you financially for years to come, and a solid policy can give them financial security no matter what.
With life insurance, your family could:
Maintain their home and lifestyle
Plan for future education expenses
Many parents opt for a family income benefit policy, which pays out regular monthly payments instead of a lump sum—helping to replace lost income.
4. Changing jobs or increasing your salary
A new job often comes with a bigger salary and new financial responsibilities. If you’re earning more, chances are your lifestyle and expenses have increased too.
This is a great time to ask yourself:
Would my current policy still provide enough financial support for my loved ones?
Do I need to increase my cover amount to match my new income?
Also, while some employers offer life cover as part of their benefits package, it’s often not enough to fully protect your family. Plus, you lose it if you leave the company - so having your own policy gives you long-term security.
5. Losing a loved one or becoming a carer
If you’ve recently lost a loved one or taken on the role of a carer, your financial responsibilities may have changed. You may now be supporting dependents, an elderly parent, or someone with additional needs.
In this case, reviewing your policy is crucial. A tailored life insurance plan can help ensure those who rely on you are financially taken care of, even in your absence.
Life changes - your policy should too
A life insurance review doesn’t have to be complicated. If you’ve experienced any of these milestones, now is the perfect time to check if your cover is still right for you.
- Does your payout amount still meet your needs?
- Are your beneficiaries up to date in your trust forms?
- Do you have the right type of cover for your situation?
If you’re unsure, we’re here to help. Our expert advisors can guide you through your options, ensuring your policy grows with your life.
Get in touch today for a free review - and make sure your cover is up-to-date with your life.
