Knowing whether you have enough life insurance may seem like a difficult question to answer. When thinking about the answer to this question its important to think about when you took out your cover and if your life has changed since then. The Cheapest Life Insurance takes a look at elements which may affect how much life insurance you need. If you read this post and decide your situation has changed then give us a call and we can look into your next steps and all the options available to you. Don’t miss out on making your cover a better fit for your situation.
Failing to review your life cover could mean your family won’t be able to cover your mortgage or bills if you are no longer around.
If you have moved house since taking out your original policy you may not have enough life insurance to cover your new debt. If you were to die your partner would become liable for any of your debts. If you buy a more expensive property there could be shortfalls your partner won’t be able to cover unless you’ve change your policy to accommodate it. If you move from a house worth £150,000 to a house worth £180,000 your partner could be stuck with a shortfall of £40,000 to pay. You may need to increase your premiums in this situation but looking around should help you to get a good deal.
Your family may have grown since you signed up to your policy. You may now have a child or children so it’s likely you’ll be looking at things differently. Having a family of your own means new reasonability and an added focus on the future. Choosing a higher level of cover may help you to cover future expenses such as university fees for your children. Have a think about joint or single policies also. Joint polices are often cheaper but single policies cover each person individually meaning if one parent dies before the other the remaining parent is still covered. Increasing your sum assured or pay out sum to reflect the needs of each of your children can also be a positive move. Here at the Cheapest Life Insurance we can also put your policy into Trust which means you can name your children as beneficiary of your pay-out.
Have you got married since taking out your cover? If so, you’ll want to cover your partner against any joint responsibilities. Increasing your level of cover could be a way to achieve this.
If you have gone through some changes in your employment you may want to increase or decrease your premiums. If you have had a promotion at work you may want to increase the amount of cover you have if you are now able to pay higher premiums. In this situation it may be you want to up your level of cover to reflect a change in your lifestyle.
There are various different situations that may make you question if you have enough life insurance. There may also be times when you want to decrease your level of cover- having a different job, downsizing or if can no longer afford your premiums. Whatever your situation, we’re here to talk through all of your options.
For a life insurance quote please call us on 0800 6800 205.