Buying a home is one of the biggest financial commitments you'll ever make. But while your mortgage is sorted, have you thought about what would happen if life took an unexpected turn? Many people take out a mortgage without arranging life cover, critical illness cover, or income protection. If that’s you, you’re not alone—but it’s worth asking: is your current level of protection (or lack of it) still right for you?
Your protection needs don’t stay the same forever. Let’s explore when and why you should review your cover, particularly some common life events and changes in circumstances that should prompt a review.
•Getting married or divorced – Your financial responsibilities may have changed.
•Having (more) children or dependents – More people to rely on your income.
•Changing jobs or income – A new salary or career path can affect how much cover you need.
•Taking on more debt – If you’ve borrowed more, or become a guarantor, your existing cover might not stretch far enough.
•Health changes – A new diagnosis or recovery could impact your options and needs.
Even if none of these apply, a regular review is still a good idea. For example, some insurers have added benefits to their newer policies which might be of interest to you. Everything from annual medical screening to private GP appointments, and even mental health services are now an option. Insurers are also constantly reviewing their pricing and increasing the number of illnesses covered so it might allow you to have more comprehensive cover and pay less each month or pay the same monthly amount for an increased amount of cover.
What do I need for a protection review?
In order to understand where the gaps are in your current protection, an adviser would need to know what cover is already in place. When you’re looking to review your cover, make sure you have the following information to hand.
• Details of any existing personal policies you hold, such as the type of policy, its start & end dates, and what level of cover is included.
• Details of any employee benefits you’re entitled to, such as Death in Service, Group Income Protection (also known as Permanent Health Insurance or Disability cover) &/or Group Income Protection.
How do you choose which insurer to recommend?
We have access to the whole of the market and primarily consider these 4 areas when determining which is the best provider for you.
•Policy Features and Benefits: We compare the features, benefits, and exclusions of various policies to find the best match for what you need
•Premium Costs: We evaluate the cost of premiums from different insurers to ensure affordability while maintaining adequate cover
•Insurer's Reputation and Financial Stability: We consider the insurer's reputation, customer service quality, and financial stability to ensure reliability and trustworthiness
•Claims Process and Payout History: We review the insurer's claims process and history of claim payouts to ensure that you will receive timely and fair settlements
There is no cost to you for our insurance advice as we are paid an introduction fee by the insurer. This fee is identical regardless of which insurer we use, so you can be assured of our impartiality and that our recommendations are based on best advice across the above 4 areas.
What types of insurance can you help with?
The following three insurances are the most crucial for mortgage holders to ensure their homes and families are financially secure in the case of unforeseen events.
•Life Insurance provides a lump sum to your beneficiaries if you pass away, ensuring financial security for your loved ones
•Income Protection offers a regular income if you're unable to work due to illness or injury, helping you maintain your lifestyle
•Critical Illness Cover pays a lump sum if you're diagnosed with a serious illness, helping cover medical costs and living expenses
Let’s Talk
If you’ve had a change in circumstances—or if it’s simply been a while since you last thought about protection—now is the perfect time to review your cover. We can help you understand your options and make sure you and your loved ones are properly protected. We’re not selling insurance; our job is to highlight any shortfalls in your cover and provide advice on your options to fill any gaps.
Book a free review with us today – no pressure, just peace of mind.
