When thinking about your New Year resolutions for 2022, as well as the usual health and fitness goals we usually set ourselves, why not also look at your finances and any protection you have as well? Making sure you and your loved ones would be financially secure in the event you’re unable to work due or no longer around can provide both you and them with valuable peace of mind. It might also spur you on to carry out your health and fitness resolutions in the hope you never need to make a claim.
If you already have protection in place, it’s well worth reviewing your policies to make sure they still meet your needs. Here’s what you need to know.
Why review your life insurance, critical illness, or income protection cover?One of life’s certainties is that things rarely stay the same for long, so if you took out any type of protection policy several years ago, there’s a chance your circumstances may now have changed. For example, you might have had children since you bought cover, or they might have grown up and flown the nest, or you’ve taken on a bigger mortgage, or finished paying it off altogether. Your health may have changed too – perhaps you’ve stopped smoking, or lost weight? Any of these changes could mean that your protection needs are now different to what they were when you first bought cover.
It’s therefore worth checking whether you still need the level cover you have, or whether you might now require additional or less protection.
Even if you think you still need the same level of protection, it’s still worth reviewing your cover as many policies have evolved over time to offer enhanced levels of protection. For example, if you have an older critical illness policy, you may find that the definitions applied are not as easy to claim on as newer cover.
If you have children, policies now cover them for a much wider range of conditions covered, and the amount of cover available is typically more generous too. Policy providers have also added a wide range of extra benefits, which can offer support even if you don’t need to make a claim.
Some providers can help you to achieve any health and fitness goals you’ve set for yourself this New Year, by offering incentives for healthy living, such as lower premiums or an enhanced array of rewards and benefits if you are leading an active and healthy lifestyle. Other providers offer access to nutritional and fitness advice and guidance which can help you kick start healthier habits in 2022.
If your existing cover doesn’t offer any additional benefits, it’s worth checking to see if you might be able to upgrade your policy without have to pay more in premiums.
Do I need protection?If you don’t yet have any financial protection in place, it’s worth considering whether now might be the time to get some.
Think about who relies on your financially, and what would happen if you were unable to work and provide an income. If you don’t have a significant financial buffer in place, it’s probably worth seeing whether protection could help give them the support they might need if you’re no longer able to earn.
If you’re not sure where to start, our expert advisers can help talk you through the various options available to you and work out a level of cover that suits you. Protection doesn’t have to be expensive, and some cover is always better than none. Our advice is completely free and without obligation so to talk to an expert adviser today, call us on 0800 073 1932.