Are you protected for the year ahead?

In an ever-changing world, ensuring adequate insurance coverage is not just prudent, it’s essential. As we step into a new year, it’s crucial to take a moment to evaluate your insurance policies, ensuring they match your current circumstances and lifestyle as well as any anticipated changes. Here, Apt Insurance Specialist John McLaughlin shares insights to help you determine whether you are fully protected for the year ahead.

Why you should review your insurance

“Life is dynamic, and the needs that you had last year might not necessarily be the same this year. Regular reviews of your insurance policies are crucial,” advises John. “Changes in personal circumstances, economic shifts or even updates in policy offerings can all influence your insurance needs. With an annual review, you can avoid being underinsured or paying for coverage that no longer serves your best interests,” he adds.

Your 2025 insurance checklist

With a new year upon us, it’s important to consider whether your insurances meet your needs today and will continue throughout the year ahead.

1. Reassess your lifestyle and any changes

Have you experienced major life events in the past year such as marriage, divorce, the birth of a child or a new job? Or have you retired? Each of these milestones could alter your insurance needs, particularly when it comes to life, health and disability coverages.

2. Evaluate house and car needs

Consider changes in your residence. Have you moved, bought a new property or renovated? Ensure your home insurance is updated to reflect the current value of your home and possessions.

For car insurance, consider whether there have been changes in how much or how you use your vehicle. Working from home, for example, could reduce your coverage requirements and lower your premiums.

3. Consider health insurance requirements

With shifting health landscapes or age-related health developments, your health insurance might need adjustments. “This could mean better coverage terms or adapting to new health conditions,” says McLaughlin.

4. Review business insurance

If you own or operate a business, consider the potential shifts in your business risk profile caused by changes in market dynamics, technology or the operating environment.

The role of expert advice in personal insurance planning

While self-assessment is valuable, consulting with Apt’s insurance specialists can significantly enhance your understanding and decision-making process while ensuring you have adequate cover – and it may even save you money.

“An expert can offer insights into aspects of coverage that you might not have considered, identify potential overlaps or gaps in your policies, and help tailor a plan that fits your unique needs,” John says.

He points out that this is particularly the case when it comes to life and income insurances.

“Many Australians continue to rely on the cover in their superannuation without actually knowing what it covers. It’s easy to forget that you are paying for these insurances out of your super – so it’s costing you. It may not be the right cover and it may even be costing you more than you need to pay, so it’s well worth reviewing.”

The right cover equals peace of mind

“The beginning of the year is an ideal time for this essential financial health check to ensure your insurance coverage matches your current needs and anticipates future changes,” says John. “Being proactive with your insurance today can safeguard your tomorrow, providing peace of mind so you can focus on what matters most in your life.”

Need a review of your personal insurances? Reach out to your Apt adviser or the Apt Wealth team on 1800 801 277 or info@aptwealth.com.au.

General Advice warning

The information provided in this blog does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. Apt Wealth Partners (AFSL and ACL 436121 ABN 49 159 583 847) and Apt Wealth Home Loans (powered by Smartline ACL 385325) recommends that you obtain professional advice before making any decision in relation to your particular requirements or circumstances.