How life’s big moments can affect your insurance needs

Did you say “I do” this year? Maybe you welcomed a new bundle of joy, or got the keys to your first home? Here’s why these and other life events can prompt a serious look at your insurance policies.

Tying the knot

Marriage is the union of two souls – and possibly two financial plans. Suddenly, your responsibilities expand beyond just yourself. You’re planning a life together, perhaps buying a house and even starting a family

That’s why it may be worth reviewing your financial protection as a couple. For example, if your current lifestyle and future goals depend on either or both of your incomes, considering life insurance and income protection can be a good place to start.

Welcoming a new baby

One little person can change everything, starting with how you approach your financial life. On the one hand, you’ll likely need to review your budget; on the other, now can be an ideal time to reassess your insurance plans, to ensure that you and your family are protected from the unexpected.

If you have health insurance or are considering taking it out, most health insurers allow you to add your baby to your policy before they’re three months old, covering all their qualifying pre-existing medical conditions.

Buying your first home

Homeownership often represents the largest financial investment you'll make in your lifetime. It’s easy to see why protecting your ability to repay the mortgage is so crucial.

Cover types like life insurance, income protection, and mortgage protection are designed to provide invaluable financial support if you’re no longer around or you’re unable to work due to a serious injury or illness. Get in touch if you’d like to know more.

And don’t forget about protecting your house and contents. Having house insurance over the security property is a condition if you’re getting a mortgage, and you can also include contents insurance as an add-on. Click here to get your house insurance quotes in minutes.

Changing career paths

Switching careers could mean a different income bracket, new job-related risks, or even a change in lifestyle. These factors can have implications for your life and income protection insurance, as your coverage needs to align with your new earning capacity and professional risks.

Plus, if you're venturing into freelancing or starting a business, you may want to consider business insurance. You can find out more here or use our quote compare tool to find appropriate cover for your occupation.

Kids moving out

Are your children finally off to university or starting families of their own? Becoming an empty nester often prompts reconsideration of your existing insurance policies. If you have fewer financial obligations (e.g., you paid down the mortgage) and your kids are no longer dependent on you, you may not need as much life insurance as before.

This is just one example. If you’d like to know more, please don’t hesitate to contact us. We can help you review your financial protection and make the necessary tweaks. Speaking of which…

The importance of regular reviews

As we’ve seen, it’s essential that your insurance coverage adapts as your life unfolds. Generally speaking, annual reviews are often sufficient, but a deep-dive review may be needed when key life events happen.

Once again, keep us in mind. Our friendly team of insurance advisers at LifeDirect are here to answer any questions you might have, big and small. Click here to contact us today, or call us on 0800 800 400.


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 developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.

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