Change in circumstances? When should you review your cover?

Following on from our segment last time on how important it is to check your life insurance still suits your needs, we wanted to expand on this by giving you an idea of some of the life events where you might want to consider reviewing your cover.

1. Marriage or entering a civil partnership

Combining finances and responsibilities is a good time to ensure your cover meets your needs.

2. Divorce or separation

You may need to change your beneficiaries or adjust your sum assured (the amount of money we guarantee to pay out) to reflect new financial obligations.

3. Buying a home or taking on a mortgage

If you’ve chosen decreasing cover to reflect your mortgage repayments, make sure it still matches your outstanding balance.

4. Having children or other dependents

Increased financial responsibilities can require higher cover.

5. Significant change in income or employment

A new job, redundancy, or major salary change can affect your protection needs.

6. Health changes

Whilst the policy covers death and terminal illness, if you have any major change in your health, you should review your cover to make sure it’s still suitable.

7. Other major financial commitments

For example, starting a business or taking on large loans. 

Bearing this in mind can help you protect who and what matters to you most. 

It’s important to speak to your financial adviser when reviewing your cover, they can help you make sure your cover meets your needs.