Cover you took out years ago may have been designed for a different life stage: supporting dependents, covering a mortgage, or replacing income if you couldn’t work. But as you transition toward retirement, your circumstances may have changed significantly.

Consider where you are now

• Have you paid off your mortgage or reduced your debt?
• Are your children financially independent?
• Are you working reduced hours or planning to retire soon?
• Do you have enough super and savings to support your retirement? 

If your circumstances have changed, your insurance needs may have changed too. Holding unnecessary insurance adds cost without improving security, while the right level of cover can still provide important protection and peace of mind. Reviewing your insurance is part of good financial planning - helping ensure your cover aligns with your current priorities, not where you were 10 or 20 years ago.

You don't need to make any changes, but a check can help you feel confident about your decisions. You can see all the insurance you have through CareSuper by logging in to Member Online. 

Your occupation rating affects the cost of your cover - physically demanding or higher-risk jobs generally cost more than office-based roles. If you think you're in the wrong occupation rating, you can check and update it through Member Online.

Balancing protection and cost as retirement approaches

Many members approaching retirement focus on simplifying their finances and building confidence about the future.

Insurance can still play an important role, but only if it’s appropriate for your circumstances. Paying for cover you no longer need can reduce flexibility, while the right protection can help manage uncertainty.

We can support you to understand how insurance fits alongside retirement planning, so you can make choices that balance protection, cost and confidence. You can also use our insurance needs calculator to help you think through what level of cover might suit your changing circumstances.

Considering cancelling your cover?

As you approach retirement, reviewing insurance is sensible - but cancelling cover altogether is a decision worth thinking through carefully. Once cancelled, insurance may be difficult or costly to get back later, particularly if your health changes. Understanding your options can help you balance cost, protection and peace of mind.

Things to think about before cancelling your insurance

Want to know more?

Explore the different types of insurance available and find out what might work for your situation. Plus, our insurance is changing - find out what's changing and how it affects you.

Learn more about insurance through super