Did you know that your insurance policies shouldn’t just sit on a shelf and be forgotten? What made sense when you first bought your coverage may no longer match your life today. Life changes and so should your insurance, so when should you review your insurance policies?
Why You Need to Review Your Insurance Regularly
Insurance policies are typically purchased based on your situation at that point in time. Over the years, changes like marriage, career moves, new debt, or family additions can affect how much coverage you need. If you don’t review your policies regularly, you risk being under-covered, over-paying, or missing opportunities to optimise your protection.
Life changes that impact your insurance policies
Marriage or divorce
When your relationship status changes, your financial priorities and responsibilities shift too. You may want to add a spouse or new dependents as beneficiaries or adjust your coverage to protect your growing family.
Inappropriate coverage
What was adequate last year may no longer be sufficient. Regular reviews help ensure your coverage still matches your lifestyle, income, and financial goals.
When your career changes
A promotion or higher income might justify increasing your coverage. Likewise, a pay cut or job loss could mean adjusting your plan to better align with your budget.
You bought a house!
Buying a house, taking on new debt, or planning for a child’s education are big financial moves — and your insurance should reflect these commitments.
Recommended Frequency for Reviews
There’s no one-size-fits-all answer, but here are best practices:
At a Minimum: Annually
Schedule a review at least once a year, ideally around policy renewal time, to ensure your protection still fits your needs. This keeps you ahead of life changes and rising costs (like healthcare inflation).
After Major Life Events
Immediately review your insurance after key life changes — such as marriage, divorce, having children, buying a house, or career changes. This helps make sure important people and financial obligations are protected.
Additional Timing Tips
| Review Trigger | Why It Matters |
| Annual renewal | Keeps coverage current with lifestyle and market changes. |
| Marriage/Divorce | Update beneficiaries and coverage amounts. |
| Birth or adoption | Add dependents to policies and increase sum assured. |
| Purchasing property | Ensure outstanding loans are covered. |
| Income changes | Align coverage levels to income and financial plans. |
What to Do During Your Review
When you sit down with your insurance agent or adviser, consider:
- Coverage limits — Do they still match your needs?
- Beneficiary designations — Are they up to date?
- New products or benefits — Have insurers introduced better plans since you last bought yours?
- Policy performance (for investment-linked plans) — Is it meeting expectations?
A review doesn’t necessarily mean switching providers — it often means ensuring your policy is still right for you. Many insurers offer riders or add-ons that can be added without replacing your entire policy.
Conclusion
Your life evolves — your insurance should too. By scheduling a review at least once a year and whenever something big happens in your life, you make sure your coverage stays relevant and sufficient. Regular review helps protect what matters most — your family, income, and financial peace of mind.
If you’d like help reviewing your life and medical insurance policies for 2026, BJAK’s insurance experts can help guide you based on your goals and needs.
