Check your life assurance cover
Your life cover needs may be increasing or decreasing, depending on how old you are.
If you are near to retirement, have paid off a substantial portion of your home loan and/or your children are reaching financial independence, you may need less life and disability cover than previously.
Redirecting your premiums into, for example, saving for retirement may be a wise thing to do.
If, however, you are younger and have a growing family, your life cover needs may have increased, because you have more dependants for whom to provide if you die prematurely.
Every working person should review their disability cover and income protection annually.
If your salary has increased, you may need to increase the amount of income protection you have.
Many policies have an automatic increase in the amount for which you are covered to ensure that your policy keeps pace with inflation, but if inflation has outstripped the increases on your policy or you have had an increase as a result of a promotion or a change in jobs, you may need to adjust your policy.
If you have income protection through a group life policy, check that it is sufficient for your needs. Group policies may have restrictions on the maximum amount of cover you can buy, the definitions of disability may be narrow and/or there may be restrictions on the amount by which the cover can escalate.
A properly qualified financial planner should be able to help you determine whether your life, disability and income protection cover are adequate.