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As time goes by and circumstance within our life change, our insurance needs will change as well.

It makes sense to periodically review your home, auto, life, health, business and disability coverage to ensure they are still appropriate to protect you and your family in case of a disaster - and at the best price.

Perhaps your income has increased or the value of your business has grown, but your insurance coverage has failed to keep pace.

Let's quickly review the different types of insurance:

Homeowners' insurance: It is important to ensure that your coverage amount is adequate for the value of your property.

If you live in an area where home prices have been climbing steadily, you may find that the amount of coverage you originally purchased is now insufficient. Speak to a professional to ensure you are properly protected in the event of a loss.

Pay close attention to "replacement cost" as it may be significantly different than the market value you might expect. Find out if there are ways to reduce your premiums such as increasing your deductible or taking advantage of discounts for alarm systems or good claims experience.

Make an effort to inventory your collectibles, home office equipment or additional furniture or assets you've acquired since you last took an inventory of your home. Make a list of those changes to review with your agent. Take photos of all significant items and keep them in a safe place - ideally outside the home.

Investigate if it makes sense to add special riders for expensive items such as jewellery. A great idea is to walk through your home with a video camera to ensure you capture everything you may forget to list.

Auto insurance: If you consolidate your home and auto insurance at the same company, you will generally enjoy a discount. It never hurts to get a second quote from another insurer to make sure you are getting the best value. Discuss with your broker if any changes should be made in your coverage, such as to your deductible, that would give you better value.

Critical illness insurance: Unlike life insurance, critical illness coverage is there for you while you are living.

World renowned heart surgeon Dr. Marius Barnard helped develop critical illness insurance. Dr. Barnard witnessed the emotional strains that many patients faced after surviving serious illnesses. Financial stress often impeded recovery or, in many cases, left patients struggling to pay bills as they resumed their lives.

When you consider that almost 40 per cent of Canadian women and 45 per cent of Canadian men will develop cancer during their lifetimes and one in two men and one in three women and are expected to develop heart disease this is insurance that has a good chance of cashing in on. Critical illness insurance provides tax-free money when you need it most if you're diagnosed with a critical illness, such as cancer, heart attack or stroke - and you can use that cash for any purpose. Many policies will return all your premiums to you if you do not end up making a claim after a certain period.

Health insurance: Do you fully understand all your deductibles and co-pays? If you have a group plan at work, take the time to read through your benefits booklet to make sure you understand the coverage.

For instance, if you have already hit your annual maximum for eye glasses, you may want to put off that new pair until January of the next year. If your group plan does not include travel coverage, you will need to investigate private coverage when you leave the country. One uncovered travel-related medical bill can leave you thousands of dollars in debt. Have you thought about what you will do for medical coverage when you retire or leave your employer? Perhaps lock in your insurability now to ensure you will be eligible for coverage later. Your financial advisor can explain how this process works. The last thing you want is to find out you are not eligible for private coverage due to poor health after you retire.

Disability insurance: Many people have some level of disability coverage through their employer. You should review your coverage and understand exactly what you are covered for and for how long. Most group plans will only pay for two years if you cannot perform your existing job duties, then coverage will cease if you can perform ANY job. Many group policies are restrictive and can be inadequate if you are out of work for an extended period. You may want to investigate private coverage that will continue to pay until you turn 65. Also, find out what your monthly benefit amount is and determine if you would be able to live on that amount. If not, there are top up options available through private carriers.

Life insurance - personal: If you have not already done so, it is a good exercise to go through a needs analysis with your financial advisor or with one of the many calculators available online. It is just as foolish to have too much insurance as it is to have too little. Taking the time to complete a proper analysis of your current situation and future needs will ensure that you have the appropriate coverage to protect your spouse and children with enough money to maintain their lifestyle and their educational goals if you die. That includes money for ongoing expenses, mortgage payments, retirement savings and tuition. Your spouse should also consider similar coverage, particularly if he or she is working. If they are not working, and are at home looking after the family, what would you do if they were suddenly gone? You also may want to consider adding a child rider on your life insurance for the children to lock in their future insurability.

Life insurance - business: If you are a business owner, review your buy-sell insurance to ensure that it is sufficient for its intended purpose; to facilitate the share purchase of a deceased shareholder. If your business has grown significantly, you could encounter funding problems with the buy-sell provisions within your shareholders agreement if the insurance amount is insufficient. If you have fixed overhead costs, such as salaries, rent and leasing costs, consider business overhead insurance coverage to protect against a cash crunch during shareholder crises. Other coverage's that may be important for your business may include disability buy-sell insurance as well as key person insurance.

Insurance is protection against the unforeseen. Take the time to ensure you are properly covered to safeguard what you have worked so hard to build.