In general, we take out insurance to cover ourselves from circumstances which may occur. This thinking is usually based on our current life circumstances at the time we take out the insurance: How much debt you have, how many family members depend on your income, how much money you are currently earning, the state of your mortgage and much more. Our mortgage reduces, we have children, we take on more debt or reduce it, our income fluctuates. Life changes. Does this mean that our insurance should change with it?