Is it time you reviewed your protection needs?

Many people are introduced to the benefits of life insurance when they sign up for their first mortgage. Having taken the important step of putting cover in place that would ensure that their mortgage would be repaid in the event of their death, they often put the policy away in a safe place and don’t give it another thought for many years.

However, we all experience life-changing events such as having children, buying our next house, taking on more debt or changing jobs. Before we know it, we’re contemplating retirement.

Many people don’t think about reviewing their policy, but forgetting to do so could mean that your family won’t have enough money to pay the mortgage or meet the bills if you die. It could also mean that you’re paying more for your premiums than perhaps you need to, as there may now be more cost-effective policy options available to you.

Policies tailored to your needs Life insurance comes in various forms and can be combined with other types of cover to cater for a range of needs. So, besides providing a lump sum on death, you can take out cover to protect against the diagnosis of a critical illness, accident, incapacity or unemployment, or to provide income protection.

It can be a good idea to write your life policy ‘in trust’. This simple formality ensures that the proceeds would go directly to your beneficiaries on your death, avoiding inheritance tax and the need to obtain probate before the funds are payable.

So, if you’ve had your policy for a few years and your circumstances have changed, then why not ask us for a review? Doing so will ensure you have the right policies in place to protect your financial future.