Protection insurance is an essential part of life, providing a safety net in the event of unexpected events, such as accidents or illnesses.
If you do not review your protection cover on a regular basis, you could end up paying too much for a policy that no longer suits your needs or not having the cover you need for your circumstances.
It’s important to review your protection regularly to ensure that you have the coverage you need to protect yourself and your family at the most affordable rates.
There are many reasons as to why you might need to review your protection. Here are some of the main ones:
Your needs have changed Life is constantly changing and evolving which can directly affect your protection needs. Whether you’re moving into your first home, starting a family, or changing jobs, these changes can affect the type of cover you need and what you can afford. For example, if you’ve recently had a child, you may need to increase your life insurance coverage to provide for any future needs.
Your financial situation has changed Your financial circumstances may have changed since you took out a protection policy. You could be earning more or living with a partner for example. Which means you might be paying for protection that perhaps doesn’t match your needs, or your lifestyle. It’s important to ensure the protection you pay for is what you need
Speak to a financial adviser By not reviewing your protection regularly, you run the risk of either being over insured or underinsured.
Being over insured means you could be paying too much.
Being underinsured puts you at risk of not having the cover you need when the unexpected happens.
It’s important to speak to your financial adviser about what protection may be available to you, whether your cover is still appropriate for your needs and give you peace of mind, that you and your family are protected.
Approved by The Openwork Partnership on 18/05/2023.