Insurance saves money at review time more than at purchase. What to look at first.
Its role is covering losses that are unlikely but unaffordable if they happen. Small amounts are cheaper handled from an emergency fund than through insurance. Trying to insure every minor expense costs more in premiums than it returns. Absorb what you can afford, and transfer only what you cannot.
Start with whether anyone depends on you financially, and whether serious illness would collapse your finances. Property and liability come next. Working in that order also reveals what is excessive.
Policies bought over many years often end up covering the same item two or three times. Medical expense cover in particular pays only what you actually spent, so the duplicate premium is simply money discarded. Listing every active policy on one page makes overlaps obvious immediately.
It is common for riders to cost more than the base policy. Among them are events of very low probability, and things already covered elsewhere. Going through each benefit and asking whether its absence would genuinely hurt shows what can be trimmed.
Insurance becomes harder and more expensive to obtain as you age, and a change in health can make it unavailable entirely. Cancelling existing cover before securing a replacement is therefore risky. This is a general guide to reviewing, not a recommendation of any product. For specific decisions, consult a qualified adviser or your financial regulator's guidance.
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