Evaluate your life insurance needs whilst costs are low
Insurance products provide customers with insurance for when the worst happens and are a vital part of our daily lives. We have compulsory insurance products, like the insurance we need to drive a car, critical insurance products, like the ones we have to cover our lives, and against critical illness, and we have other hugely important products, like the ones that cover our homes and the contents of our homes.
Every insurance product works in a slightly different way and it’s important to evaluate your need for the insurance, and the level of cover you have on a regular basis.
When you buy home insurance or car insurance you do so annually, so you get a regular opportunity to evaluate the level of cover you need and are provided with, and can make changes accordingly.
Critical insurance policies like life insurance and critical illness insurance aren’t quite so regular, and some people will keep the same policy for the whole 25 years. With no reminders to evaluate your insurance it’s important to make sure you do check your cover, and make sure you’ve still got adequate cover and the best priced cover available to you.
Life insurance is currently at a point where it’s unlikely to ever be as cheap again, after falling in price for the last ten years. Changes in the next year or so are going to increase the price of cover, making now the ideal time to make sure you have the right level and best value cover whilst you can.
With the EU gender equality changes coming into effect in December, the price of life insurance for women is set to increase, and changes next year as a result of the closure of the life insurance tax loophole thanks to the budget will push prices even further up next April for everyone.
Another EU directive which will force insurance companies to have more money in reserve, and changes to the way independent advisors sell life insurance will push the price up further, making the price of life insurance higher as well and making now the ideal time to look at life insurance quotes, and to make sure you’ve got the right level of cover for you and to look after your family.