A New Year Is the Perfect Time to Review Your Life Insurance Premiums

A new year is often a time to reset — reviewing finances, setting goals, and making sure your personal protection still makes sense. One area many Australians overlook is their life insurance premiums, even though they’re a regular expense that can quietly increase over time.

If it’s been more than 12 months since you last reviewed your cover, now is the ideal time to check whether you’re still paying the right amount for the right level of protection.

Why Life Insurance Premiums Change Over Time

Life insurance premiums don’t stay static. They can increase for a number of reasons, including:

• Age-based increases

• Changes to insurer pricing

• Indexation of cover amounts

• Holding older policies that no longer reflect current market pricing

In many cases, people continue paying higher premiums simply because they haven’t reviewed their policy — not because they need more cover.

Has Your Situation Changed?

Your life insurance should reflect your current circumstances, not where you were years ago.

It’s worth reviewing your cover if you’ve experienced any of the following:

• Bought or paid down a home loan

• Had children or grown children becoming financially independent

• Changed jobs or income

• Started or exited a business

• Paid off debts

• Approached retirement

A policy that was appropriate years ago may now be over-insured, under-insured, or unnecessarily expensive.

The Cost of Not Reviewing Your Premiums

Failing to review your life insurance can mean:

• Paying more than you need to

• Holding cover that no longer aligns with your financial goals

• Missing out on newer, more flexible policy features

• Carrying outdated definitions or exclusions

A simple review can often identify opportunities to reduce premiums without compromising protection.

What a Life Insurance Review Involves

A professional life insurance review doesn’t mean starting from scratch or changing insurers unnecessarily.

A typical review includes:

• Assessing your current policies and premiums

• Reviewing benefit amounts and definitions

• Checking whether cover still suits your needs

• Identifying potential premium savings

• Explaining options clearly and simply

Most importantly, a review gives you clarity and confidence that your cover still works for you.

Why Choose Covermate Life?

At Covermate Life, the focus is on making life insurance simple, transparent, and tailored to your situation.

• Obligation-free reviews

• Clear explanations — no jargon

• Independent advice focused on your needs

• Help identifying unnecessary costs

• Support whether you keep, adjust, or replace your cover

There’s no pressure — just practical guidance to help you make informed decisions.

Start the Year With Confidence

Life insurance isn’t something you should “set and forget”. A new year is the perfect time to make sure your premiums and cover still make sense for where you are now — not where you were in the past.

If you’d like peace of mind that you’re not overpaying or under-protected, an expert review can make all the difference.

👉 Contact Covermate Life today for an obligation-free life insurance review.