Why you should review your protection cover regularly 

Many people review their general insurance each year. It can also be worthwhile reviewing your protection arrangements periodically to check they continue to meet your needs.

Protection policies are often put in place to help provide financial support in the event of unexpected circumstances.

Regularly reviewing your protection cover can help ensure it remains aligned with your financial goals, family circumstances and future plans.

Here are four reasons why you may wish to review your protection policy regularly.

Major Life Events

Changes in your circumstances, such as buying a home, having a child or getting married, can significantly affect your financial responsibilities.

As your circumstances evolve, it may be worth considering whether your existing protection arrangements continue to reflect your current needs.

Inflation Can Affect the Value of Cover

Over time, inflation can reduce the purchasing power of a fixed amount of money.

As the cost of living rises, a level of cover that once appeared sufficient may provide less financial support than originally intended.

Regular reviews can help you assess whether your protection arrangements continue to reflect your current financial circumstances and whether any changes may be appropriate.

Policy Updates and Changes

Insurance products and policy features can change over time. Reviewing your cover provides an opportunity to understand any updates to your existing policy and assess whether your current protection arrangements continue to meet your needs. Where appropriate, you may also wish to consider other protection options available.

Your Mortgage Balance May Change

If you have a mortgage, your protection needs may change as your outstanding mortgage balance reduces or if you move home and take on a new mortgage.

A review can help ensure your protection arrangements remain aligned with your housing arrangements and financial commitments.

How often should you review your policy?

As people’s circumstances differ, there is no set schedule for reviewing a protection policy, but it may be worth considering a review:

• Following major life events
• When taking on new financial commitments
• After changing employment
• If your income changes significantly
• As part of a regular financial review

Many people find that an annual review provides a useful opportunity to consider whether their circumstances have changed.

Speaking to a Protection Adviser

Speaking with a Protection Adviser can help you understand the different types of cover available and how they may relate to your individual circumstances. By reviewing your financial commitments, family responsibilities and future objectives, a Protection Adviser can provide Protection Advice, explain the options that may be available and help you make informed decisions based on your needs and circumstances.

The information contained in this article is for general information purposes only and should not be considered personal financial advice. Individual circumstances will vary, and independent professional advice should be sought where appropriate.