When considering something as important as protecting yourself or your family, it is worth taking time to consider a number of questions:
How much cover do you already have?
You should think about cover that you have under existing policies as well as through an employer.
When will the cover stop?
Not all life cover goes on until you die. Some policies are for a fixed amount of time or term and some are dependent on certain criteria, like being employed by the employer providing the cover.
When will the cover pay out?
It is worth finding out what the cover is for? Will it pay out however you die, or will it only pay out in certain circumstances such as death as a result of an accident?
How much more do you need?
Think about what cover you need to provide. It may be to replace an income or enough to pay off the mortgage and other loans. It may be to provide sufficient money to fund a full time carer, or to enable your partner to stay at home to become one.
How long do you need the cover for?
The amount of cover you need, will vary throughout your life. While your mortgage may be a significant overhead now, there will come a point when it is paid off. Any amount of cover you want to provide to pay this off, will only need to be for this period.
You should remember though that the cost of these benefits generally increase as you get older so it is better not to delay your decision too long.
If you are unsure of the answer to any of these questions, we can help you work out whether you need any additional cover. Call us now on 08000 685712 or click here to email us and we can call you back at a time that is convenient to you.