Insurance Checklist: Are You Adequately Covered?

1. Do you have life cover if you have dependents? If anyone financially depends on your income, a term life insurance policy is generally the most direct way to protect that income if something happens to you.

2. Is your life cover sized to your actual income and liabilities? A common approach is to reference a multiple of annual income alongside outstanding liabilities such as a home loan, though the right number depends on your specific situation.

3. Do you have adequate health insurance, separate from any employer cover? Employer-provided health cover typically ends when employment ends, so an independent health policy provides continuity.

4. Have you reviewed your cover after major life events? Marriage, a new child, a home purchase, or a significant income change are all good triggers to revisit whether your existing cover is still adequate.

5. Do you understand your policy's exclusions and waiting periods? Knowing what is not covered, and for how long, avoids unpleasant surprises at claim time.

6. Are your nominee details up to date? An outdated or missing nominee can complicate and delay a claim for your family.

This checklist is educational and general in nature, and does not constitute personalised insurance advice. Our Human Life Value Calculator can offer a starting reference point for life cover sizing.