Life changes

A lot can happen in a short time. Since your last insurance review, you may have:

• Paid down part of your mortgage
• Welcomed a child or sent one off to university
• Changed jobs or started your own business
• Taken on (or let go of) some financial commitments.

The key takeaway here is that the type and level of insurance you once needed may no longer be suitable for your lifestyle. 

Your Insurance Link adviser can help you ensure your cover is still doing its job – being both affordable and purposeful.

Health changes

Your health and habits can also affect your insurance, especially when it comes to pricing.

For example, if you used to smoke and have been smoke-free (including vapes) for at least 12 months, you may be eligible for non-smoker rates, which can be significantly lower than smoker premiums. Depending on your age and cover type, the difference could be 30% to 50%.

Get in touch to learn more. 

Policy settings

Many policies come with built-in features that can be adjusted over time, like waiting periods, benefit periods, or optional add-ons. 

From time to time, insurers may also update their policy wording, for example, to clarify cover for specific treatments or scenarios.

This is another good reason to sit with your Insurance Link adviser. We can help you understand the fine print, explore your options, and make any changes needed to keep your cover working the way you want it to.

Inflation impact

When the cost of living rises, the level of your coverage may need to rise too – otherwise, it might not stretch as far as you need it. 

Some life insurance policies include an annual CPI (Consumer Price Index) adjustment. This increases your sum insured or benefit amount each year to keep up with inflation. 

It’s a helpful feature – but it does mean your premiums go up too. Each year, your insurer will give you the option to accept or decline the CPI increase. If affordability is a concern, you may choose to opt out for the year. 

And if your policy doesn’t include CPI adjustments? It can be even more important to review your insured amount regularly, to ensure it still reflects today’s costs.

Let’s check in

Personal insurance isn’t set and forget. Like any good financial tool, it needs the occasional tune-up to stay effective.

Time to review your cover? Get in touch: your Insurance Link adviser is here with friendly, obligation-free guidance.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek financial advice. Link Financial Group 2022 Ltd (FSP1004590) holds a licence issued by the Financial Markets Authority to provide financial advice.  

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