Review your insurance coverage

You've done the hard part: figured out what insurance you need, picked your plans, and locked in your premiums. But here’s a hard truth: insurance isn’t a set it and forget it thing.

Your life changes, so should your coverage.

Why you need to review your coverage

Life comes at you fast:

• You go from poly to full-time work
• You move out or get a BTO
• You switch jobs, start freelancing, or level up your income
• You get married, have kids, or support ageing parents

Every milestone affects what kind of protection you need. If your insurance doesn’t keep up, you could be overpaying or worse, become under-protected.

When to review your coverage

Set a reminder to review your insurance at least once a year, or when a major life milestone such as any of these happen:

• New job or income jump
• Moving into a new home (especially with a mortgage)
• Getting married or divorced
• Becoming a parent
• Major health changes either for you or your family
• Picking up a high-risk hobby (parkour, starting MMA etc.)

What to look for during a review:

1. Coverage gaps Has your lifestyle changed? More dependants = more life insurance needed.
2. Policy redundancy Accident coverage from both work and your own plan? You might be doubling up.
3. Premiums too high? Look out for new, more affordable plans. The market evolves; don’t stay stuck in an outdated policy.
4. Expired riders or limits Some add-ons expire or reduce in value over time. Check what’s still active.

Example:

You’re 30, married, and just moved into a BTO. Your old term plan from uni days might not cut it anymore. It might be time to upgrade, given your income should have grown and you may have dependants.