How often should I review my trauma insurance coverage?

Financial experts recommend reviewing your trauma insurance coverage every 3-5 years as a general rule, or immediately following major life events that significantly change your financial circumstances or protection needs. Key life events that should trigger a review include getting married or entering a de facto relationship (combined finances and shared financial responsibilities), having children or expanding your family (increased financial dependents and obligations), buying property or taking out a mortgage (substantial new debt requiring protection), significant income increases or career advancement (may warrant higher coverage to maintain your lifestyle if critically ill), divorce or relationship breakdown (potentially changed beneficiary arrangements and individual coverage needs), paying off major debts like your mortgage (may allow you to reduce coverage and premiums), starting a business (different financial protection needs and potential for business expense cover), inheriting money or building substantial savings (may reduce the coverage amount you need), and approaching retirement (may want to reduce or cease cover as financial obligations decrease). During your review, consider whether your current sum insured still matches your financial needs and obligations, whether your premiums remain affordable or if stepped premiums have increased significantly, if there are newer policies with better coverage or features available, whether any exclusions from pre-existing conditions have expired, and if your health has changed in ways that might affect your ability to obtain new coverage (making your existing policy more valuable). Regular reviews ensure your trauma insurance continues to provide appropriate protection without paying for more than you need, while also confirming you're not underinsured as your responsibilities grow. If you work with a financial adviser, they should proactively schedule regular insurance reviews as part of ongoing service.