Not disclosing everything
It’s easy to think that the last doctor's visit wasn’t for anything important, so there’s no point writing it on the Insurance application. But non-disclosure can have major consequences; failing to disclose information the insurers need to know could result in a future claim being declined.

Be as truthful as possible, and tell the Insurance provider everything they ask as accurately as you can. Even if you remember something after you’ve submitted the application, you can still give the information to the Insurance provider – or contact us; we’re here to help you through the Insurance application process.

Thinking you only need to cover the mortgage
Generally speaking, your mortgage is one of the biggest financial commitments you will have in your life, so it’s only natural to think that having that paid off will be a huge help to your family. And it will be. However, how will they meet their living costs without you there earning money? And who will cover the kids' education costs?

Take the time to think through all the costs that will still need to be met if you are no longer there, and make sure you have enough cover for the needs of your family.

Not reviewing your cover when your life changes
Insurance isn’t a ‘set and forget’ option – life constantly changes, and so do your needs. Whether you have a new addition to the family or paid off some debt, the level of cover you need may increase or decrease.

Talk to us about reviewing your Insurance, to make sure you have enough cover or aren’t paying for cover you don’t need.

Having the wrong policy owner
Think about who your Insurance is for, and make sure they have easy access to the funds in the event of your death. Having yourself as the policy owner means that the proceeds of your Insurance go to your estate and get distributed according to your Will. Estates take some time to get distributed, meaning your family could be left waiting for money, not being able to meet their living costs.

Of course, other forms of policy ownership also come with risks; we can help you decide what’s best for you, by letting you know the options.
Life Insurance can sometimes look like a big number. But the benefits it can provide your loved ones, should the unthinkable happen to you, make it worth taking time to get right.

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.

A full disclosure statement for each Insurance Link Adviser is available on request and free of charge.