Time to spring clean your protection policies?

Protection insurance should be a vital part of your life`s plans, providing a safety net should life take an unexpected turn, such as accidents or illnesses.

Failing to review your protection cover on a regular basis could result in you paying too much for a policy, perhaps one that no longer suits your needs, or not having the cover you need for a change in your circumstances.

Accordingly, it`s important to review your protection arrangements on a regular basis, to ensure that the cover you need to protect yourself and your family is arranged on competitive terms.

There are many reasons as to why you might need to review your protection.

The main ones are:

Your needs have changed

• Your life circumstances can easily change and evolve which can directly impact on your protection needs. Whether you are buying your first house, starting a family, or moving to a new employer, you may need to change the amount or type of cover you have arranged. For example, if you have started a family, then you may need to increase your life cover as your needs are now different.

Your financial situation has changed

• Your financial circumstances may have changed since you arranged the cover. Your earnings could have increased or you could now be living with a partner. It might mean you`re paying for protection that perhaps doesn’t match your needs, or your lifestyle. It’s important to ensure the type of protection you have covers what you need to.

Being over insured means you could be paying too much

• Having less cover than you need could expose you financially, when you can least afford it. 

It's important to speak to your financial adviser about what protection may be available to you, whether your cover is still appropriate for your needs and give you peace of mind, that you and your family are protected.

To make informed decisions about your planning, or if you have any concerns, please feel free to contact your usual Dentons Wealth Independent Financial Adviser.

Although every effort has been made to ensure that the information provided in this article is accurate and correct, the information provided does not constitute any form of financial advice. We recommend that you take financial advice before making any financial decisions.