Life Insurance: Changing Needs
June 22nd, 2008
When your circumstances change, so does your need for life insurance.
Think back to when you first took out your life insurance policy; the reasons why you took it out and why you chose the amount of cover you did. Now think of all the things that have changed in your life since then.
Perhaps you have moved house or remortgaged, made substantial home improvements such as building an extension, had a child or maybe your child has grown up and left home. You may have even retired, quit smoking or lost weight.
As ridiculous as it may sound, even the smallest of changes in your life and lifestyle can make a significant difference to your need for protection in the form of life insurance. For a little extra cost, the peace of mind you will get is priceless.
Double your family’s cover
An effective way to increase the amount of financial protection for your family is to double it. If you currently have a joint life policy, you can do this without significantly increasing the cost, by taking out two separate policies for you and your partner.
Both policies will pay out if a claim needs to made for you and your partner, whereas your existing policy will only pay out once on the first death. This is a valuable consideration if you have children or dependants as one payout may be enough to pay off your mortgage, but a second payout would provide financial security for a little extra cost. See our example below.
By not taking steps to ensure you have enough life insurance you are essentially putting your family’s future financial security in danger, should the worst happen to you.
You may think that reviewing your life insurance and taking all of the changes you have made in your life into account is not worth the hassle.
This is not the case. Get in touch with one of our life insurance experts, and they can give you the advice you need to update your life insurance arrangements. They will look at your individual circumstances and advise you on the right amount of cover needed to protect your family.
As well as advising you on the right amount of cover, we can also get it at the cheapest possible price. We search the UK’s leading life insurance providers, shopping around on your behalf in order to find the one that offers the best terms at the best price. And because we deal with these companies everyday, we negotiate special rates on your behalf.
To discuss your life insurance arrangements with one of our specialist advisers, call now on 0800 970 8666, get in touch online or get an instant online quote now. Even if you are satisfied with the amount of cover you have, we may be able to save you money on your monthly premiums.
Benefits of taking out life cover with Torquil Clark Life Insurance:
- Cheapest life cover guaranteed
- Advice on the right cover
- Insurance from leading providers
- Simple application process
- Step by step guidance
This article appears in our client bulletin, published Summer 2008.
