Happy New Year!
Our first blog of 2020 and it seems relevant to discuss why NOW is the best time to put your personal insurance in order and why Life Insurance should be your number one priority.
Are you looking to get married, buy a new house, have a baby, be promoted or move jobs this year? Then make sure you alter your Life Insurance to match your new needs.
The main point of insurance is to protect your family, therefore, if something happened to you, your family would still be financially secure. It is vital to make sure your insurance covers your needs.
What is happening in 2020 for you? Have you increased your income, decreased your income or left your job? Make sure your insurance covers your new income or bills. Are you buying a new home? Make sure your insurance covers your new mortgage needs and any changes in bills. Are you looking to get married? Make sure you have the correct beneficiaries on your Life Insurance policy and if your policy is in trust make sure your trustees are aware of any beneficiary changes. Are you having or have you had a baby? Make sure your insurance now covers the new needs of your baby, costs needed for childcare or bills and make sure your beneficiaries are up to date.
Insurance is not just to cover income, if you are the main caregiver of your children, it is still important that you are covered, if something was to happen to you, you would need care for your children, therefore, this may mean higher nursery fees or your partner reducing hours at work to do the school run, you can use your life insurance to cover these payments.
January is not just the time to think about Life Insurance, why not think about Critical Illness Cover? Is your Life Insurance up to date but you would like more cover? Then Critical Illness could be for you. Critical Illness will pay out if you become critically ill, therefore, think about what bills or income you would like to cover in case this was to happen so you are still financially secure and could continue to live in your house or keep your current lifestyle.
Have you recently become self-employed in 2020? Then have you thought about Income Protection? Income protection covers your income in case you are unable to work, become ill or have a long-term illness, helping you to continue paying your bills whilst you are unable to bring in any income.
Let’s make January the month to protect your family, then time to relax.