Home topics news Image credit: Marcos Paulo Prado Advice Expert Insurance Advice The speed of life: things to consider when reviewing your life insurance David Wilkinson March 17, 2021 [By David Wilkinson, Senior Product Manager at Australian life insurer TAL] While the total number of insured Australians has increased over the past ten years, unfortunately recent research from Rice Warner has shown the underinsurance gap – the difference between the amount of cover people have in place, and the amount they need to be fully protected should the unexpected occur – has widened since the last research was conducted in 2017. This is due to a range of factors including new legislation impacting insurance through superannuation, the impact of the COVID-19 pandemic on employment and financial security, and a general lack of understanding at an individual level when it comes to insurance needs. And as our life’s priorities and financial responsibilities continue to change over time, it’s also important to be aware of the level of cover you have in place and consider whether it’s adequate to protect yourself and your loved ones should the unexpected occur. When do you need to review your life insurance? Your life insurance may not always be top of mind, but your policy isn’t a ‘set it and forget it’ product. Life insurance works best when you have the right level of protection for your circumstances, and that means ensuring your cover matches your needs. As your lifestyle changes, so might your insurance needs.