Why do I need to review my life cover?

Date: 14 Jun 2023

Tags: Financial Wellbeing, Personal Risk

Author: Allan Gillbanks

The only thing constant is change

Life insurance is an important tool to protect your loved ones financially in case of your unexpected death. However, as your life circumstances change over time, it's important to review your life insurance policy regularly to ensure that it continues to meet your current needs.

Here are the 4 top reasons why reviewing your life insurance policy is important.

1 - Ensuring adequate coverage

As your life circumstances change, your insurance needs may change as well. For example, if you have a new child or buy a new home, you may need to increase your coverage to ensure that your family can continue to maintain their standard of living in case of your unexpected death. On the other hand, if your children have grown up and moved out of the house or you have paid off your mortgage, you may not need as much coverage as you did before.

Reviewing your policy regularly can help ensure that you have the right amount of coverage for your current needs. An independant adviser might also be able to assist you in a potential claim that you never knew about.

Life insurance is an important tool to protect your loved ones financially in case of your unexpected death. However, as your life circumstances change over time, it is important to review your life insurance policy regularly to ensure that it continues to meet your current needs.

2 - Updating beneficiaries

If you have experienced major life changes, such as a separation or divorce, or the birth of a child, you may need to update your beneficiaries/owners.

Reviewing your policy regularly can help ensure that your beneficiaries/owners are up-to-date and that your benefits will go to the right people in the event of a claim.

3 - Keeping costs down

As you get older, your life insurance premiums may increase. If you've had major changes to your health, such as quitting smoking or losing weight, you may be able to get a lower premium.

Working with your risk adviser to regularly review your policy can help you identify opportunities to save money on your premiums.

4 - Keeping your goals front & centre

As your life circumstances change, your financial goals change too. Regularly reviewing your life insurance policy can help you assess whether your policy is still aligned with your current financial goals.

Simply put....

Reviewing your life insurance policy regularly is an important part of financial planning.

By ensuring that your policy is up-to-date and meets your current needs, you can have peace of mind that your loved ones will be taken care of in case of your unexpected death.

If you haven't had a policy review in the last 12 months, then head on over to our contact page and get to it!

Why do I need to review my life cover?
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