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Taking out life insurance is an important step towards protecting your family's financial future. But buying a policy is only the beginning.
As your life changes, your insurance needs can change too. Reviewing your policy regularly can help ensure that your cover remains aligned with your responsibilities, goals and the people who depend on you financially.
Here are five simple ways to get more value from your life insurance policy.
1. Review your cover when life changes
Major life events often change the amount of protection your family may need.
Consider reviewing your policy if you:
- Get married.
- Have a child.
- Buy a home.
- Start a business.
- Take on additional debt.
- Become responsible for supporting family members.
Regular reviews can help ensure your life cover keeps pace with your changing circumstances.
2. Check your beneficiaries
Your life insurance policy may only work as intended if your beneficiary information is accurate.
Review your beneficiaries regularly and update them when necessary.
This is especially important after:
- Marriage or divorce.
- The birth of a child.
- The death of a beneficiary.
- Significant family changes.
Keeping these details up to date can help reduce delays and administrative complications if a claim is ever submitted.
3. Understand the benefits included in your policy
Many people focus only on the cover amount and overlook other policy features.
Take time to understand:
- Any additional life cover benefits.
- Claims support services.
- Policy flexibility.
- Cover increase options.
- Self-service tools available to policyholders.
The more familiar you are with your policy, the more effectively you can use the benefits available to you.
You can learn more about additional benefits through life cover.
4. Make it easy for your family
A life insurance policy can only help your loved ones if they know it exists.
Make sure trusted family members know:
- Which insurer holds the policy.
- Where important documents are stored.
- Who the beneficiaries are.
- How to start a claim.
You may also want to keep copies of important documents together with your will and estate planning information.
For guidance on claims, see Life insurance claims process: How to submit a claim and help avoid delays.
5. Use available self-service tools
Managing your policy should be quick and convenient.
The Policyholder Services Portal allows policyholders to access policy information and documents online.
The 1Life WhatsApp Service Centre provides another convenient way to access policy support and information.
Using these tools can help you keep your policy information accurate and accessible when you need it.
Quick life policy checklist
Take a few minutes to review the following:
- Is your cover amount still appropriate?
- Are your beneficiaries up to date?
- Does your family know the policy exists?
- Are your contact details correct?
- Do you understand your policy benefits?
- Can you access your policy information easily?
If the answer is yes, you're helping to ensure your policy continues to provide value and protection.
A little attention today can make a big difference tomorrow
Life insurance is designed to protect the people who matter most. Reviewing your policy regularly, updating important information and understanding the benefits available can help ensure your cover continues to support your family's future.
The best time to review your policy is before you need it.
If you haven't looked at your cover recently, now may be a good opportunity to make sure it still reflects the life you've built and the people you're protecting.
We answer your questions
How often should I review my life insurance policy?
It is a good idea to review your policy at least once a year and whenever you experience a major life event such as marriage, the birth of a child or buying a home.
Why should I keep my beneficiaries updated?
Accurate beneficiary information can help ensure your intended beneficiaries receive the policy proceeds and may help reduce administrative delays.
What should my family know about my life insurance policy?
They should know which insurer holds the policy, where documents are stored and how to start the claims process.
Can I update my life insurance policy details online?
Many policyholders can access policy information and manage aspects of their policy through the Policyholder Services Portal.
Why is it important to review my cover amount?
Your financial responsibilities can change over time. Reviewing your cover helps ensure your family's protection remains aligned with their needs.
What is the easiest way to access my policy information?
You can use the Policyholder Services Portal or the 1Life WhatsApp Service Centre to access policy information and support.