Calculating Your
Insurance Needs (If Any)
Protect what matters most—without paying for what you don’t need.
Do You Still Need Insurance in Retirement?
As you transition into retirement, your financial priorities change—and your insurance should too. Think of it like reviewing your travel insurance at the start of a new journey. Some cover might still be essential, while others may no longer suit your destination.
This section helps you figure out what to keep, what to review, and what to drop—so you’re protected, not over-insured.
“The purpose of insurance is to transfer risk—not to eliminate it.” — Anonymous
Common Types of Insurance to Consider
Life Insurance
Pays a lump sum to your loved ones when you die.
TPD (Total and Permanent Disability)
Pays if you become permanently unable to work.
Income Protection
Pays a portion of your income if you can’t work temporarily due to illness or injury.
Trauma/Critical Illness
Pays a lump sum if you’re diagnosed with a major condition (e.g. cancer, stroke).
Private Health Insurance
Covers hospital and extras services.
Home and Contents Insurance
Protects your physical assets.
What Changes in Retirement?
- You may no longer need income protection or TPD if you’re not working
- Life insurance needs may change if your debts are paid off and kids are financially independent
- Your super fund may cancel default cover if your balance is low or inactive
Just like planning a route, it’s worth reviewing your current position before proceeding.
How to Assess Your Needs
Here’s how to get a handle on it:
Review your liabilities
Do you have debts that would need to be repaid?
Consider your dependents
Does anyone rely on you financially?
Assess your health risks
Any family history or existing conditions?
Check your cover
What insurance do you currently hold (inside and outside super)?
Compare costs vs benefits
Are you paying too much for too little?
Tools and Templates
Make the review easier with:
Related Course
Learn more with:
Estate Planning Made Simple
Coming Soon!
Smart Cashflow in Retirement
Coming Soon!
Money Mindset Makeover
Coming Soon!
Need Help Reviewing Your Cover?
Book a Coaching Session to talk through your options, or get tailored product advice from a licensed Financial Planner.
You Are Here: Retirement Roadmap
Insurance is part of your risk management plan—a way to protect your journey if things go off course. Once reviewed, move on to:
Final Thought
Insurance isn’t just about policies—it’s about peace of mind. A quick review now can save you money and heartache later. Let’s make sure you’re covered where it counts.
