Time to review your protection needs?

Nothing in life ever stays the same. And it is likely that any change to your personal circumstances will affect your insurance requirements, necessitating a review to ensure you still have the most appropriate products for your new situation.

There are certain life events when it will definitely be worth assessing your level of protection. These include:

Becoming a couple

If you’ve decided to share your life with someone else, you are also likely to be sharing your wealth. It is therefore important to consider how your partner would cope financially if you were no longer there and ensure that protection is in place for any joint liabilities that you and your partner have.

Buying a house

Buying your first home or upsizing to a larger home often necessitates higher levels of personal debt, so at this stage it may be appropriate to take out or increase your level of protection insurance to cover the full amount that you are borrowing.

Two becomes three…
becomes four…

Having children changes both your personal and financial priorities. With each additional child comes extra financial commitments, both now and in the future, and your cover will need to reflect this. As well as protecting your family’s standard of living in the event of your death, you may also want to cover expenses such as a child’s university education, wedding or even driving lessons. In addition, at this stage, families often consider other forms of cover, such as accident, sickness and unemployment, critical illness or income protection policies.

A new job

An increase in salary or promotion could mean you can afford to pay higher premiums and increase your level of cover. Conversely, redundancy or a loss of income for some other reason may mean you need to reduce your cover to lower the payments.


At this time in life, you may still require cover to protect dependent family members from financial hardship if you die. A protection policy can also help with Inheritance Tax planning, providing a payout on death that will help cover any tax liability on your estate.