It’s probably the last thing on your mind. But do you need a higher level of life cover, now your circumstances have changed?
Is it time to review your life insurance policy? We understand that it might not be easy to revisit this area, but just because you purchased cover once, it doesn’t mean you no longer have to think about it.
The calculation of life insurance depends on each person’s circumstances and how much protection their loved ones would need in the event of their death. As things inevitably change, it is vital to check your policy is still relevant for you and your family. There are, for example, particular life events that mean you might need more cover.
Buying a home
Have you moved house or bought a new property? If the size of your mortgage has increased, it’s important to make sure that those living with you will be able to keep up repayments if you’re no longer around.
A major milestone
Are more people are now dependent on you and your income? Have you had a child, got married or started caring for a relative? These situations all require a higher level of cover to ensure that, in the event of your death, your loved ones are fully protected.
Here to help
We can review your life insurance to ensure it is appropriate for your current circumstances.
In other Insurance News…
Storms cause home insurance to rise
In Q4 of 2023, the average home insurance premium rose by 4%1 due to winter storms hitting the UK.
Insurers paid out £352m to cover property damage caused by the three storms in October and November 2023. That’s not including the damage caused to vehicles and businesses – the full cost of which is not yet known. As a result, the average premium for a buildings and contents insurance policy increased to £364 in the last quarter of the year – £14 more than in Q3.
Despite the rising figures, the average cost of insuring a home has fallen in the last ten years (when adjusted for inflation), as many insurers continue to price their cover competitively.
We can help find the appropriate home insurance for you.
1 ABI
Be aware of life insurance scams
Life insurance scams are a common kind of fraud. With 40 million UK adults targeted by scammers in Q1 of last year1, it is important to be prepared.
Scams can take place in a variety of ways and are becoming increasingly sophisticated due to technological advancements. Fraudsters sometimes claim to be an insurer contacting you about your life insurance policy. If you receive an unsolicited call, text, or email along these lines, you should always ask for proof of their identity. Alarm bells should start ringing if you are asked for personal information. Often, fraudsters are trying to gain information for identity fraud, so never click on a link that seems suspicious and do not enter any bank details.
1 UK Finance
Here to help
Need to review your insurance or have questions? We’re here to help you understand your options and make sense of what it all means for you.
For more information about your protection options click here
Click here to book an appointment to discuss your protection needs and options.
As with all insurance policies, conditions and exclusions will apply.