Set Yourself a Festive Insurance Checklist
1. Review All Your Policies
Take stock of your existing cover; life, TPD, trauma, income protection, home, contents, and even travel insurance. Double-check that the amounts, terms, and benefits still match your current lifestyle and commitments (e.g., new mortgage, business changes, travel plans).
2. Update Beneficiary & Contact Details
One of the biggest reasons insurance goes unclaimed is outdated information. Over A$1.5 billion in unclaimed life insurance remains in limbo in Australia, often because insurers can’t locate the beneficiaries. Ensure your contact information, email, and addresses are current.
- Confirm your beneficiary nominations are up-to-date and easily contactable. You can click here to read more about why these nominations are so important.
3. Don’t Lose Cover When Switching Super Funds
If you hold insurance through superannuation and plan to switch funds during the festive season, consider taking out a retail policy inside super. This lets you maintain your cover even if you move providers.
4. Check Indexation & Inflation Adjustments
Inflation can slowly erode the value of your cover. Many policies offer indexation, which adjusts your benefit in line with CPI and your premium rises accordingly.
Work out if you want to:
- Opt-in to maintain current protection in real terms, or
- Decline if you need to manage costs, understanding you’ll need to actively review cover annually.
5. Plan for Seasonal Gaps
Holidays can interrupt routines – including income protection.
- If you operate a small business or freelance, double-check your waiting periods and suspend-cover benefits during downtime.
- For travel plans, verify your travel insurance covers any health or cancellation needs during the holiday – particularly if you’re visiting overseas or remote areas.
Quick Festive Insurance-To‑Do List 🎁
| Task | Why It Matters | Easy Step |
| Review cover types & amounts | Life changes mean your needs may have changed | Line up your policy documents tonight |
| Update nominations & address | Keeps claims easy and accessible | Log into your insurer or super portal |
| Check inflation/indexation | Keeps cover relevant and current | Review CPI adjustment terms |
| Consider retail vs super fund cover | Retain cover through fund changes | Talk to your adviser if switching |
| Budget alongside holiday plans | Avoid financial stress mid-season | Add insurance review to your festive checklist |
With just a few thoughtful steps, you can head into the holidays feeling relaxed, knowing your insurance is current, valuable, and ready. That way, amid the tinsel and cheers, nothing distracts from celebrating the season with confidence and peace of mind.
