Check your life insurance cover is still adequate

The next few weeks will bring in the new financial year, and will see thousands of savers all over the UK desperate to fill their ISAs with this year’s tax free saving allowance. It’s also a good time of year to give yourself a form of financial health check, and to make sure that all your insurance policies are up to date and giving you adequate cover.

One of the most important insurance policies you will ever take out is life insurance, because of the way it offers protection to you and your family if the worst was to happen. Life Insurance can quickly get out of date though, especially in the early stages of your life where things change a lot.

You could have only taken out your life insurance policy a year ago, but already have found that it needs changing, as the level of cover you opted for in the first place is no longer adequate.

Most people take out a life insurance policy to provide themselves with the financial support their family would need if the worst happened to them, but that level of cover can change in requirement.

At we see many customers who contact us and say they’ve got married, moved house, remortgaged and borrowed more money in the process, or put their children in private school, and asked what that then meant for their level of cover.

Many parents have opted to cover their children’s university fees as part of their cover, but have they allowed for the near £20,000 increase in fees for each child that will came into effect in  September.

The level of cover you choose should still leave your family financially comfortable, paying off their mortgage, providing enough money to pay for school fees, and university fees if you wish, as well as providing them with enough money to pay the household bills and for child care whilst they get back on their feet.

Everyone’s situation is different, and will change when family members change jobs, leave home or choose a different career and it’s important to make sure you and your family are properly covered.

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