Give yourself a life insurance health check with the new financial year
As the new financial year starts to come around the corner you’ll be thinking about making sure you’ve made the most of your ISA allowance for the year, and be thinking about what you are going to do with your money in the 2012/13 year as well.
It’s also important to give yourself a little financial health check as well, and make sure that all your existing policies are still up to date and offering you the right level of cover.
One of the policies which gets overlooked most often is life insurance, and it’s vital to make sure you’ve got the right level of cover if you don’t want to leave your family financially short should the worst happen.
He at LifeInsure.co.uk we take a lot of time to make sure every customer has as much knowledge as they can about the different types of life insurance, and why they are taking it out, and it’s important that you check you policy each year to make sure your circumstances haven’t changed.
Many people take out life insurance to provide financial support to their family if the worst was to happen, paying off the remainder of the mortgage, paying for their children’s upbringing, including their education, as well as leaving money behind to run the house until they get back on their feet.
Whilst the calculations you made a year or two ago when you first took out the policy may be totally spot on, things may have changed since then. The cost of university certainly has, so if you’d planned to leave enough money behind to pay for your children’s education, and you have two children, instead of needing around £10,000 for fees for each child, you’d need around £30,000 for fees for each child, leaving your policy around £40,000 short.
You may have had to send one of your children to a private school, or have had an extra child. You could have remortgaged your home, and now need to cover more. There are many circumstances which can change, which is why it’s important to sit down and look at your policy, and make sure it’s still at the right level for you and your family.