Key reasons to increase your life insurance cover
Is your life insurance cover still fitting your needs? Life's full of surprises, and you need to be prepared. In this article, we explore key reasons to consider increasing your life insurance cover. Ready to protect your loved ones' financial future?
Tying the knot
Got married? Your financial responsibilities may grow when you tie the knot. This can include joint loans, credit card balances, and mortgages. Ensuring that you have an adequate level of life insurance cover can help protect your spouse from financial hardship, if something were to happen to you. With the right cover in place, your partner can focus on healing and rebuilding their life, without the added burden of meeting the costs of financial obligations. .
Welcoming a new addition
New parent? Children bring joy, but also increased financial responsibilities. From providing funds to cover daily living costs or the costs of future education expenses, is your life insurance up to the task? Updating your life insurance policy is all about giving your growing family the financial safety net they deserve. On top of covering day-to-day expenses, a well-designed life insurance policy can also help financially secure your family’s long-term dreams and goals in the event of your premature death.
Buying a home
Bought a house recently? Whether this will be your forever home or just the first step on the ladder, mortgages can span decades. If the unexpected happens, is your life insurance cover enough to keep your family in their home? Adjusting your life insurance level of cover to provide sufficient funds to cover mortgage repayments, or repay the whole balance, can give you invaluable peace of mind.
Are you climbing the career ladder? A salary bump can mean a higher standard of living – but what if you're no longer there to provide financially for your family? By making sure that your life insurance keeps up with covering the costs your new lifestyle, you can financially protect your family's quality of life. This might include covering the cost of household help, continuing to fund private education, or maintaining support for ageing parents.
If you’ve taken on more debt, a life insurance payment can help your family manage it if something happened to you. With an appropriate level of life cover, your family could repay outstanding debts and focus on their emotional well-being. It’s the ultimate way to safeguard them from additional stress, at an already stressful time.
Health and lifestyle changes
Significant health or lifestyle changes can also prompt a life insurance review. For example, if you've quit smoking, lost a substantial amount of weight, or made other positive health changes – you may be eligible for lower premiums.
Here to help
Not quite sure if your current life insurance cover is sufficient for your needs and objectives? Get in touch. We can help you reassess your policy and ensure that your loved ones are financially protected should the unexpected happen.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.