8 times you should review your life cover

  1. Graduation

You’ve reached the pinnacle milestone in education and your future is awaiting you with open arms. However, as your new chapter begins, it may be the time to think about financial security as you head into employment.
At this stage in your life it is unlikely that you will have dependents and it may be beneficial to take out critical illness cover. A serious illness can strike at any age and will often require you to take time away from work. A critical illness policy pay out could give you the ability to concentrate on your health, without the strain of financial worry.

  1. Getting married

You’re planning your new life together and all of the exciting steps that come with it. However, what will happen if one of you were to pass away? Would the other be able to cope financially?
Taking out or reviewing your life insurance policy could protect your loved one’s future in the event of your death. By evaluating how much cover your need, you can gain peace of mind by knowing they will be able to carry on with their current standard of living without you around.

  1. Buying a house

Buying your home may be the most expensive investment you make in your life. Therefore, it may be a good idea to protect your house and ensure it isn’t a burden on your family if anything were to happen to you.
Many mortgage providers require you to have life insurance in place but it is important to ensure your policy will provide enough cover for your family. Your policy will ideally be able to pay off your mortgage and support your family’s current lifestyle.

  1. Starting a family

There’s no way around it, kids are expensive. In fact, raising a child to the age of 21 in the UK costs more than £230,000 on average. Many parents may not be able to afford such expenses if they were to lose income and time spent looking after their kids.
As a parent you want to guarantee your child’s protection and provide them with the best start in life. A life insurance policy would allow your family to carry on with their standard of living after you’re gone.

  1. Starting a business

Life insurance is essential when owning a business. Although you may already have a policy for the benefit of your family, it is also important to financially protect your fellow business partners or business in general. This will safeguard what happens with and who will deal with the proceedings of your business after you’re gone.

  1. Getting a divorce

Unfortunately moving on from your spouse can be a stage in many peoples life. If this does occur then re-evaluating your life insurance policy is vital. It may be that you previously had a joint policy and the subsequent pay out would reach your spouse in the result of your death. Taking out a new policy will allow you to adjust the amount of cover necessary to protect your loved ones and alter who you would like to receive the money.

  1. Supporting kids and parents

Many adults are in the position where they are required to support both their kids and elderly parents. Reviewing your life insurance policy and increasing your level of cover in this circumstance will allow you to protect all of your dependents.

  1. Planning your retirement

If you are heading into retirement with a mortgage, dependents or unpaid debts then it may be a good decision to review your life insurance policy and make sure it covers these.
Or it could be that you simply want to leave something behind for your family and friends. Reviewing your policy means you can adjust the amount of cover your loved ones receive after your death.

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