Life insurance and major life events
Major life events are often celebrated as milestones but can also be reminders that as your life changes so too do your needs and priorities. To get the most out of your life insurance you should consider regularly reviewing your cover to ensure that you are getting the protection you need based on the current circumstances of yourself and your family. If you’ve recently experienced one of the life events listed below, you may like to take the time to assess if your current policy provides you and your family with the financial security you need.
Planning for your future with someone inevitably includes the topic of finances, and the possibility of shared finances. This could include credit card or personal debt in the wake of a wedding, the possibility of buying a home, or having children.
All these events require financial security for you and your loved ones, both now and into the future and may be a reason to consider life insurance. If you suffered a major health event, or worse still you were no longer around, life insurance may protect you and your family’s financial future.
Buying a home?
Buying a home brings a new level of financial responsibility, with mortgage repayments that need to be made regardless of what is taking place in your life. Life insurance can help you and your family keep up with your mortgage and other expenses if you become seriously ill or injured and cannot work, or if you were to pass away.
If you are upsizing to make way for an expanding family, it could also be a good time to evaluate your life insurance and check whether your current policy meets your current and future needs.
Starting a family?
As a parent, you work to give your child the best start in life. Life insurance means that this may still be possible if anything should happen to you or your partner. Becoming a parent brings added responsibilities, such as covering school fees, childcare and other day to day living expenses. If something were to happen to you or your partner and you could no longer keep up these payments, your family could suffer the financial consequences.
Life insurance can provide you and your growing family with a financial safety net. If your family is expanding, now may be a good time to check your existing life insurance policy to make sure it suits your needs or start looking at your options to find one that best suits your situation.