Your Annual Insurance Review: A Quick Guide to Protecting What Matters
At your policy anniversary, you’ll receive a prompt from us to review your cover. This isn’t just an administrative task—it’s the most important step in ensuring your financial safety net is still strong enough to protect the life you’re building.
Your insurance portfolio is your ultimate contingency plan. It’s designed to protect your family, your wealth, and your future goals if the unexpected happens.
You generally receive your renewal statements from your insurer about 4-6 weeks prior to the anniversary date (when the policy was set up). A quick annual check-in ensures this vital plan stays aligned with your life. You can actually make changes to your policy at any time of the year.
When to Contact Us: What is a “Significant Change”?
Your life isn’t static, and your insurance shouldn’t be either. You don’t need to contact us for minor changes, but we strongly recommend booking a review if you have experienced any of the following in the last 12 months:
- A new job or a change in your occupation (This is critical for Income Protection). If just changing jobs but remaining in the same occupation then you do not need to contact us.
- A significant change in your income (a large promotion, or pay increase).
- Taking on new debt (like a new mortgage, investment debt, or business loan).
- A change in your family structure (getting married, separated, divorced, or having a new child).
- A new, significant health diagnosis.
What Happens if I Need to Make a Change?
If any of those changes apply to you, the next step is to review your options.
Making changes can be simple, but it’s important to understand the process, such as the difference between a self-directed change (no fee) and receiving new financial advice (fee applies).
We’ve created a detailed guide that walks you through all the important considerations.
- Please read our guide: What to consider when altering your insurance policy
After reading the guide, if you’re ready to make a change or still have questions, please reply to your review email or contact our office to book a time.
As a reminder, here is an information sheet that explains the different covers that you may hold or consider.
| Type Of Cover Available | Description |
|---|---|
| Life Cover | Will pay a lump sum upon death or diagnosis of a terminal illness. It’s the easiest to understand when it pays out. Think about paying out your debt, covering education expenses, funeral & medical costs, estate equalisation, having an emergency fund for your family, creating a lump some to provide an income for your family. |
| Total & Permanent Disablement (TPD) |
TPD cover pays a lump sum if you become totally and permanently disabled and therefore are unlikely ever to work again. It’s about maintaining as much quality of life as possible. There are two forms of definition on a TPD policy
Eg. A surgeon injures his hand. Under ‘Any Occupation’ he would likely not be paid out as he could work as a GP, or lecturer. Under ‘Own Occupation’ he would get paid out because he can’t do the duties of his own occupation. Medical costs with these types of claims can be extremely high, so think about covering them. Also consider clearing your debt, providing an income for your family (remember income protection only provides 75% of your income), home modifications, access to treatment that you normally wouldn’t have access to. |
| Trauma (Critical Illness) |
This provides a lump sum upon the diagnosis, or occurrence of one of a list of specific injuries and critical illnesses. Death rates are falling for many of our leading health concerns, such as cancer, heart disease, strokes,& injury. It’s the financial cost of suffering these conditions that can be debilitating. On average, households (in NSW) can expect to incur $47,200 in financial costs after a member of that household is diagnosed with cancer. This doesn’t include rehab costs, lifestyle changes, time off work, ongoing treatment. What’s covered: About 40 conditions covered. Some of these include Cancer, Stroke, Heart Attack, Coma, Chronic Kidney, Liver & lung disease, Severe burns, Intensive care, Advanced Diabetes, Open heart surgery, Brain tumour, Multiple sclerosis, major head trauma, Motor Neuron disease. |
| Income Protection |
This provides a monthly benefit up to 75% of your gross earnings if you are unable to work due to sickness or injury. This cover is designed to help cover your ongoing commitments ie. Bills, debt repayments, costs of living as a result of not being able to work. Has a Waiting Period: This is when you need the policy to start after suffering the condition. Normal waiting periods are 30, 60 or 90 days. Has a Benefit Period: This is how long you can potentially claim for. eg. 2ys, 5ys, to age 65 or even age 70. Premiums for this cover are tax deductible if paid outside of superannuation. |
| Type Of Cover Available |
|---|
| Life Cover |
| Will pay a lump sum upon death or diagnosis of a terminal illness. It’s the easiest to understand when it pays out. Think about paying out your debt, covering education expenses, funeral & medical costs, estate equalisation, having an emergency fund for your family, creating a lump some to provide an income for your family. |
| Total & Permanent Disablement (TPD) |
|
TPD cover pays a lump sum if you become totally and permanently disabled and therefore are unlikely ever to work again. It’s about maintaining as much quality of life as possible. There are two forms of definition on a TPD policy
Eg. A surgeon injures his hand. Under ‘Any Occupation’ he would likely not be paid out as he could work as a GP or lecturer. Under ‘Own Occupation’ he would get paid out because he can’t do the duties of his own occupation. Medical costs with these types of claims can be extremely high, so think about covering them. Also consider clearing your debt, providing an income for your family (remember income protection only provides 75% of your income), home modifications, access to treatment that you normally wouldn’t have access to. |
| Trauma (Critical Illness) |
|
This provides a lump sum upon the diagnosis, or occurrence of one of a list of specific injuries and critical illnesses. Death rates are falling for many of our leading health concerns, such as cancer, heart disease, strokes,& injury. It’s the financial cost of suffering these conditions that can be debilitating. On average, households (in NSW) can expect to incur $47,200 in financial costs after a member of that household is diagnosed with cancer. This doesn’t include rehab costs, lifestyle changes, time off work, ongoing treatment. What’s covered: About 40 conditions covered. Some of these include Cancer, Stroke, Heart Attack, Coma, Chronic Kidney, Liver & lung disease, Severe burns, Intensive care, Advanced Diabetes, Open heart surgery, Brain tumour, Multiple sclerosis, major head trauma, Motor Neuron disease. |
| Income Protection |
|
This provides a monthly benefit up to 75% of your gross earnings if you are unable to work due to sickness or injury. This cover is designed to help cover your ongoing commitments ie. Bills, debt repayments, costs of living as a result of not being able to work. Has a Waiting Period: This is when you need the policy to start after suffering the condition. Normal waiting periods are 30, 60 or 90 days. Has a Benefit Period: This is how long you can potentially claim for. eg. 2ys, 5ys, to age 65 or even age 70. Premiums for this cover are tax deductible if paid outside of superannuation. |