3 key reasons to review your financial protection now
While you may not like to think about it, it’s important to have plans in place in case the unexpected should ever happen. This is where having protection can help you, as it can act as a financial safety net for when you need it the most.
Of course, when your lifestyle changes, your requirements for cover may change too. For example, if you get married, you may want to update your life insurance to reflect this.
If you want to gain the peace of mind that you can overcome any issues that the future may bring, read on for three important reasons to review your protection now.
1. You may be paying more than you need to
When it comes to your insurance premiums, providers will typically consider factors such as your health and occupation when working out how much your cover will cost. If you work in a dangerous job or have a history of poor health, you may have to pay more for your protection. According to Unbiased, some of the most common factors used when calculating your premiums include:- Your age
- Your height and weight
- Whether you smoke
- Your lifestyle (such as your diet or how much you drink)
- Your medical history.
2. You may not have the right cover for your needs
As your lifestyle changes, your existing protection policies may no longer suit your needs. This is why reviewing your cover regularly can help to ensure that you’ll be protected if the worst were to ever happen. According to a study by Legal & General, the most common time for people to take out financial protection is when they reach a major life milestone. It isn’t hard to see why, as making sure you have adequate cover can give you more peace of mind when entering a new chapter of your life. The most common life events which prompted people to seek protection include:- Having children
- Getting married
- Moving home
- Changing job
- Separating or divorcing from a partner.