Blog Homepage > Is your Life Cover right for you?
Loved ones come first and foremost when we think about future financial security. This could be your spouse or children, who would be significantly impacted if you weren’t there to provide for them. Or anyone in your life who would face a financial challenge if you passed away, for example by having to pay off any loans or debts that you have. Did you know that 25% of people with life insurance in Ireland don’t know how much cover they actually have?* As with any insurance policy, it’s important to review your life cover on a regular basis to ensure that you’ve got the right level of protection for your changing needs and to see if you could save money.
Here are 3 key reasons why you should review your life cover today.
Buying a new home or having a child are two big life events that require a life cover change, but there are lots of others. Variations in your personal circumstances or even your lifestyle can mean that the life insurance you and your loved ones require has changed. You should ask yourself:
Has your health status changed?
• You’ve given up smoking
• You’ve been working out and lost a significant amount of weight
• You’ve been eating healthily and your blood pressure is down as a result
Has your financial status changed?
• Your income has changed
• You’ve taken out additional loans
• Your children have left home and no longer depend on you financially
Has your marital status changed?
• If you’ve gotten married, your spouse needs to be factored into your cover
• If you’ve gotten divorced, the list of beneficiaries on your policy must be updated
Have you taken out other policies?
If you or your partner has subsequently taken out other policies that include an
element of life cover, you should review all policies collectively to ensure that you’re not over-insured and that you’re on the right policy type for your situation; for example single cover, joint cover or dual cover.
If you own your own home, it’s highly likely that when you took out your mortgage protection, you availed of the policy that your mortgage provider offered you. If so, you should consider the following:
• Most mortgage providers deal with only one insurance company, which may not offer the best rates or terms available on the market
• Since you took out your policy, you’ve paid several years off your mortgage, so the level of cover you need has naturally decreased over time.
There are hundreds of life insurance policies available on the Irish market today. It can be mind boggling. However, the fact is that this is a highly competitive market and life insurance providers are constantly offering new types of cover, at ever more affordable prices. You should take advantage of what this market has to offer by reviewing your cover today.
*Source: Irish Life, May 2015. Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. Cornmarket is part of the Great-West Lifeco group of companies, one of the world’s leading life assurance organisations. Telephone calls may be recorded for quality control and training purposes.