The value of investments and any income from them can fall and you may get back less than you invested.

Is your insurance cover still right for your family?

Is your insurance cover still right for your family?

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Over the years, you may have taken out insurance policies to give you and your family financial security.

This may have been many years ago – perhaps when you started a family, took out a mortgage, or became self-employed.

These policies are designed to give your loved ones peace of mind by helping make sure there will be enough money in place to cover bills and other expenses should you be made redundant or become critically ill, unable to work, or even die.

It is therefore crucial to keep abreast of the level of your cover, much as you would regularly review your financial situation.

Time to review

Your personal circumstances and needs could have changed considerably over time.

Perhaps you have children who have flown the nest, or successfully paid down your debts, or paid off your mortgage.

You may also be entitled to benefits with your current employer that either overlap with polices you already have or leave things important to you not covered.

It could be time to review these policies, and the level of cover they provide to make sure they are still suitable.

Critical details

You’ll also need to understand the small print on things like when you become eligible for payouts, which situations you are and are not covered in, and how long it would be before payments begin.

Your age, circumstances, and health can also not only make a substantial difference to the financial protection policies you need, but also their cost.

If you require new cover, you will need to go through an underwriting process, and your age and health may have an impact on the cost of your policy.

Getting professional advice can help you navigate this process, and make sure the level of cover and type of cover is sufficient for your needs. 

 

 

To find out more about how Brewin Dolphin can help you review your insurance provisions, request a callback today.


The value of investments can fall and you may get back less than you invested. 

Please note that this document was prepared as a general guide only and does not constitute tax or legal advice. While we believe it to be correct at the time of writing, Brewin Dolphin is not a tax adviser and tax law is subject to frequent change.  Tax treatment depends on your individual circumstances; therefore you should not rely on this information without seeking professional advice from a qualified tax adviser.

No investment is suitable in all cases and if you have any doubts as to an investment's suitability then you should contact us.

The information contained in this publication is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.

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