If you have life insurance in place, it is likely because you want to protect your loved ones and provide them with financial stability in the future. But is your cover keeping up with your life? It is so important to review your life cover to make sure there are no gaps and ensure everything (and everyone) important to you is covered. Here are some reasons why it is so important to review your life cover.
Life changes and so should your cover. Life insurance is an incredibly personal product but it may not still be relevant to your circumstances today. Whether you’ve re-mortgaged, had a baby or even a grandchild, it may be worth reviewing your cover to make sure it matches your financial and family commitments.
Looking at Your Options Costs Nothing
It’s easy and free to check your cover and look at your options, however it could have a significant impact on your loved ones if a claim ever needed to be made. Afterall, there’s no point in paying for cover if it suitable for your needs.
Cover is Evolving
Just like you updating your cover to match your current circumstances, insurers do the same. The health and behaviours of the general population are changing, so insurance providers are changing with it. Due to people living longer, it is now possible to get cover until the age of 90 and the Critical Illness Cover we provide now includes 95 conditions. Furthermore, the way in which insurers see risk is also evolving so it is well worth checking up on your policy to see if you could benefit from any of these changes.
Some insurance servicing agents, including TopQuote, will call you every few years to check that your cover is up to date. However, many don’t so you may need to take action and get in touch yourself. Don’t leave it until it’s too late!