A free review from our team of experts
Our team of experts are here to help and can advise you on the right type of cover for you and your family. We can review your current plan to ensure your level of cover is relevant to your financial needs and circumstances, either offering more comprehensive cover or saving you money on your current plan.
Why review your cover?
Once you’ve taken out a life insurance policy, it is important to go over and review your cover fairly regularly to make sure it is always up to date with your personal situation.
Your financial position might change; your family might change in some way; there are any number of things that could change in your life that would have a bearing on the kind and level of cover you need from your life insurance policy.
Changes to your family circumstances
If your familial situation changes then the nature of your policy should change with it. If you decide to have another child, move home or change jobs the initial amount set out might not be sufficient any more, and so you can amend your policy, increasing the final payout to accommodate for this.
Say you have no children when you take out the life insurance policy, having taken it out purely to pay off the remainder of your mortgage or other household debts. If you then have a child, you might want to consider increasing and/or altering the payout so that it includes a regular annual income delivered to your child.
Changes to your mortgage or debt
One of the most common reasons for taking out a life insurance policy is so that in the event of your death, a lump sum is paid out that helps to cover any remaining payments left on your mortgage or other debt.
The circumstances surrounding your debt may well change, for better or for worse. Perhaps you’ve moved to a larger house, increasing the amount you have to pay back or, conversely, you could’ve come into a large amount of money, say through inheritance, and might not need as big a pay-out as you initially signed up for.
Either way, when the terms of your mortgage protection policy are no longer in line with your personal and financial circumstances, it’s time to change your policy.