Insurance checkup: When did you last review your cover?

South Africans have just received another welcomed financial breather with the recent 25-basis point cut to the repo rate. It’s a small shift, but one that opens the door to a broader stocktake of personal finances, including insurance.

“Too often, people treat insurance like a background subscription, something that just renews without a second thought,” says Matthew Green, Head of FNB Underwritten Life Products. “But in a world, that’s constantly changing, insurance should be an active part of your life, not something you set and forget.”

As we enter the second half of the year, it’s the perfect time for consumers to do a mid-year financial check-in, which should include a proactive overall insurance check-up, whether for car, home or even debt cover.

Here are six smart ways to check if your cover still fits your life’s evolving needs

1. Review your insured values: Has your car value depreciated? Did you renovate your home? Make sure you are not under or over-insured.
2. Check your lifestyle changes: New job? Less travel? More remote work? These can affect your risk profile and premiums.
3. Did you have any significant lifestyle events, such as getting married, divorced or having a child?
4. Ensure that your health and life are adequately covered
5. Review your family’s needs to assess if additional cover is needed
6. Reassess your debt cover: If you’ve paid off loans or taken new ones, make sure your debt protection reflects that.

“While the details are often overlooked, these are not small life changes; they shape the financial protection you need,” adds Green.

Ester Ochse, Product Head at FNB Integrated Advice, supports this view: “Insurance should adapt as your life evolves. A brief conversation with a financial advisor can uncover important blind spots or gaps, save you money, and help you adjust your cover to better suit your current lifestyle.” Ochse also notes that common oversights that can add up to unnecessary costs often include outdated insured values, lapsed debt protection, or unnecessary add-ons. 

“Your insurance should work for your present and your future,” says Ochse. Think of it as servicing your car; it’s a small effort, but it can help prevent major issues down the road.