Did you get a salary increase this year?  Did you business income increase this year?  For most people the answer is “yes”.  But not many people have increased the amount they are insured for. 

In one case of mine, a client was earning $60,000 per annum 3 years ago.  He has changed jobs and is now earning $110,000 per annum.  We recently increased his insured monthly benefit from $3,750 per month to $6,875 per month. 

The disadvantage of not doing this is that in the event of not being able to work due to illness/injury, the income benefit you will receive from the insurer will not compensate adequately with your current standard of living based on your current income.  Examples of increased living expenses include increased mortgage costs or education fees.