Life insurance – How to cover life’s major changes

life insuranceLife insurance is one of those things in life that it’s all too easy to forget about once you’ve got a policy in place. But you should remember to review your insurance plans as your situation and financial commitments change.

Life insurance isn’t just about providing a lump sum on your death. You can also protect against loss of income due to unemployment, accident or critical illness. Policies can be tailored and cover combined into the right plan to meet your needs.

Getting hitched

If you marry or enter into a civil partnership you should consider protecting your joint liabilities. You are likely to have more financial commitments, and your partner might not be able to cope financially without your salary to rely on.

Getting on to the property ladder

A mortgage is, for most of us, the biggest debt we’re ever likely to take on. At this stage, you’ll want the peace of mind that the loan would be repaid should you die.

A growing family

Starting a family can be an all-consuming experience, so it’s hardly surprising that life insurance isn’t always top of mind with new parents. There may no longer be two incomes coming in, and there will undoubtedly be extra expense, but the good news is that life insurance may be less expensive than you’d thought.

If you’re the breadwinner, you might want to increase your level of cover and think seriously about insuring against unwelcome and unexpected events such as life-threatening illness, accident or unemployment.

If you’re a home maker, it makes sense to ensure that funds would be available on your death to meet the cost of the services you provide for your family, like housekeeping, care and supervision.


Reaching the end of working life often prompts people to review their life cover. At this stage, your children probably won’t be as reliant on you for financial support, and your mortgage may be reduced or paid off. However, you will no longer have any life cover that you may have had as a benefit of your employment. If you have a spouse or partner who relies on your income, or if you want to ensure money is available for children or grandchildren, you could still benefit from life cover.

Forgetting to review your insurance over time could mean financial hardship for your family and might mean that you’re paying more for your premiums than perhaps you need to; there may be more cost-effective policy options available to you. Why not review your cover with us?

The value of the investment can go down as well as up and you may not get back as much as you put in.

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