Year-end is a good time to review the level of insurance cover you have within your fund and decide whether it is still right for your circumstances. New additions to the family, or taking on large debts (such as a new mortgage), may mean it’s time to raise your level of cover. Remember, more cover will cost more, so you may need to make extra contributions to ensure you are still saving enough to achieve your retirement goals.
Year-end can also be a good time to consolidate multiple accounts, as you are paying fees on each one. Combining them into a single account makes financial sense, but ensure you are not losing valuable benefits such as higher insurance cover if you decide to close an account.
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Date published 14 Jun 2016 | Last updated 31 Jan 2025
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
