Life insurance and the dynamic nature
Life insurance, for many, is like that old, dusty book on the top shelf – taken out once, read, and then forgotten. But, much like the chapters of our lives, life insurance isn’t static. It’s an evolving story, adapting and changing as we navigate the twists and turns of life. Whether you’re saying “I do”, welcoming a mini-you, or moving to a new avenue, your life insurance needs a revisit. Let’s dive into why.
Marriage: From ‘Me’ to ‘We’
Ah, the joys of married life! Between the shared Netflix accounts and the arguments over who left the cap off the toothpaste, there’s a financial bond that forms. If your significant other is looking at your wallet with heart eyes, it’s time to think about their future. Life insurance isn’t just a safety net; it’s your knight in shining armor. If the unthinkable happens, you want to ensure they’re not left grappling with financial woes. So, whether you’re newly hitched or celebrating a decade, give that policy a glance. It might be time for an upgrade.
Divorce: Untangling the Financial Web
Divorce is messy. And amidst the emotional turmoil, there’s a financial web to untangle. Your life insurance policy? It’s part of that web. It’s essential to revisit your beneficiaries, understand the coverage costs, and ensure there are no gaps. After all, change is the only constant, and your policy should reflect your current reality. You may have also assigned that ex to be the beneficiary of
New House: More than Just a Change of Address
A new house isn’t just about fresh paint and new neighbours. It’s a significant financial commitment. Whether you’ve upsized, downsized, or just right-sized, your financial landscape has shifted. And with it, your life insurance needs a once-over. Ensure your policy isn’t stuck in your old address and is tailored to your new financial commitments. The common reasons for needing to change the cover amount are to increase in mortgage debt or an increase in the term of the mortgage. Without reviewing cover it could run the risk of families having huge financial worries on how they can finance the mortgage debt if the cover was no longer adequate to repay the mortgage in full.
New Job: Not Just a New Desk
A new job title isn’t just a LinkedIn update. It’s a change in your financial trajectory. Whether it’s a raise, a dip, or a lateral move, your insurance needs might have shifted. Before you get too comfy in that swanky new office chair, give your policy a quick health check to make sure any work benefits align around your personal cove and that you have the right amount of cover to reflect any changes or potential loss of any benefits you may of had any previous employers
Children: Tiny Humans, Big Responsibilities
Babies change everything. From sleep patterns to financial responsibilities, life takes a 180-degree turn. Your life insurance policy needs to keep pace. It’s not just about you anymore; it’s about ensuring your little ones have a cushioned future, even in your absence. When starting a family it naturally induces a protection mindset around the family and is often a big driving force for people to review their cover.
Life is unpredictable, and as it changes, so should your life insurance. From marital bliss to new job jitters, every life event can impact your financial landscape. So, don’t let your life insurance gather dust. Revisit, review, and revise. And remember, at Dimora Mortgages, we’re here to guide you through every chapter.
Ready to give your life insurance a health check? Contact us today and let’s ensure your coverage is in tip-top shape.
Not ready to discuss insurance? You can find out more about Life insurance, critical illness, and income protection here. Alternatively, MoneyHelper provides a well-informed overview of various insurance products.