Insurance is something many people set and forget, but as life changes, so should your cover. A yearly review is one of the simplest ways to make sure you have the right protection in place, that you are not paying for things you no longer need, and that your policies still support your broader financial plan.
At Halpin, we often see clients with outdated cover that no longer reflects their lifestyle, assets, or income needs. Taking a little time to check the fine print today can save a lot of stress if you ever need to make a claim.
Below are four key types of insurance worth reviewing regularly.
Home insurance
Your home is likely one of your most valuable assets, so it is important to make sure your policy reflects the true cost of rebuilding.
Review your home and contents insurance each year, especially if you have renovated, added new appliances or furniture, or invested in higher value items.
Check whether you have:
- Sum insured cover, based on an estimated rebuild cost
- Total replacement cover, which pays whatever it costs to rebuild in full
If you only have sum insured cover, find out whether your insurer offers a safety net or safeguard option that boosts your cover if rebuild costs exceed your estimate. This can provide helpful protection against rising construction costs.
It is also smart to understand the exclusions in your policy, as some types of damage may not be covered in all circumstances.
Health insurance
Our health needs change throughout life, and so does the value we get from health insurance.
When reviewing your policy, check whether:
- You are paying for extras you rarely use
- You are missing cover for services you now need
- Your excess and waiting periods still work for your situation
- Lifetime limits apply to any services you are considering
Cheaper policies can look appealing, but they may reduce your access to services when you need them most. Understanding the trade-offs helps you choose cover that supports your wellbeing and your finances.
Life insurance, including TPD and income protection
Major life changes often mean your life insurance needs change too. Buying a home, having children, receiving an inheritance, changing careers, or becoming the main income earner should all trigger a review.
Consider:
- Whether your current level of cover still matches your financial responsibilities
- Whether exclusions apply to your work, medical history, or hobbies
- Whether your beneficiaries are up to date
If your insurance is held inside super, make sure you understand how premiums affect your retirement balance and whether the policy terms remain suitable for your needs.
Car insurance
Car insurance is not one size fits all. The type of cover you choose should reflect how much you drive, where you park, and the value of your car.
Review:
- Whether you need third party, third party fire and theft, or comprehensive cover
- Whether optional extras are still worth the cost
- If increasing your excess could reduce your premiums
- Eligibility for no-claim bonuses or bundle discounts
A quick policy check can often uncover savings or gaps in cover you did not realise you had.
Source: This article was originally published on Advisely with the title “Reviewing your insurance policies like a pro” on 14 November 2025.
Taking the next step
Regularly reviewing your insurance may not be exciting, but it is an important part of protecting your financial wellbeing. The right policies ensure your wealth plan stays on track and that you and your family are protected when life is unpredictable.
If you would like support reviewing how your insurance fits within your broader strategy, our advisers can help you identify what is essential, what may be adjusted, and where there may be opportunities to strengthen your protection.
Contact us to discuss how your insurance cover supports your long-term financial plan.
This information provided in this article is general advice only and has been prepared without taking into account your own objectives, financial situation or needs. Before making a financial decision based on this advice, you must consider whether it is appropriate in light of your own needs, objectives, and financial circumstances, and where relevant, obtain personal financial, taxation or legal advice. Where a financial product has been mentioned, you should obtain and read a copy of the Product Disclosure Statement (PDS) prior to making any decisions about whether to acquire a product.