What measures can you take to keep insurance premiums manageable?

Insurance is only needed while you have a potential loss.

So once you finish working and have an income from super and age pension and anything else, you no longer need personal insurance cover for you income.

But before we get to a point where we no longer need insurance, we need to keep the insurance affordable.

Personal insurance premiums increase with risk, which is occupation, age, smoking, health issues. So we need to keep adjusting the insurance to suit our needs. To do that we have the following options for you to choose from. Please select those that you prefer:

1. Link the insurance covers so they act as one policy, reduces the premiums. Would you be prepared to link the Life, TPD and Trauma together as one policy?
2. You can choose the level of excess to manage the premiums.
3. You can choose stepped or level premiums. Stepped allows you to adjust the insurance and change companies over time, so as to manage the premiums. If you use a level premium you are locked into the same company and product and are unlikely to change as you are paying higher premiums now to hopefully have similar premiums in the future. But if your goal is to build your financial wealth so as to provide income in the future, then you will not be needing the same insurance over time and may be wanting to reduce the insurance cover. So would you want a level premium or a stepped premium.
4. Reduce the cover over time as you build your financial assets, such as super and pay off your home. Would you prefer to reduce cover over time?
5. Reduce the type of cover over time. The need for Lump sums should reduce as we get older and retain the insurance that pays monthly income, but also reduce the benefit period for these monthly payments from age 65 to 5 years or 2 years.