The right protection will depend on your circumstances, budget, employer benefits, existing cover and financial responsibilities. It is also important to understand what is and is not covered, as policies can vary.
There are also different ways protection can be arranged. The amount of cover, length of the policy, waiting period, whether payments stay the same or increase over time, and whether cover is arranged individually or jointly can all affect suitability and cost. This is why it is important to review protection in the context of your needs, budget and existing arrangements.
You may already have some protection in place through your employer, such as sick pay, death-in-service benefit or private medical insurance. These benefits can be valuable, but they may not provide the same level of cover as a personal policy. They may also change if you move jobs or become self-employed.
It is also worth checking who your policy is designed to protect. If your circumstances have changed, you may need to review the amount of cover, the policy term, the type of cover, or whether the policy should be written in trust.
Reviewing your protection does not always mean taking out something new. It may simply confirm that your existing cover is still suitable. However, if there are gaps, it is better to understand them before you or your family need to rely on the policy.
If you already have protection in place, it is important not to cancel an existing policy without taking advice. A new policy may be more expensive, may include exclusions, or may not be available on the same terms, especially if your health, age or circumstances have changed.
If your mortgage, income or family circumstances have changed since you last reviewed your protection needs, now is a good time to speak to an adviser. They can help you understand your options and consider what may be appropriate for your needs and budget.
Please get in touch if you would like to review your protection needs. We can help you consider whether your current arrangements still support your home, your family and your wider financial plans.
Availability and cost of cover is subject to criteria such as age, lifestyle, current health and medical history.
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For further information please contact Peter Hunt on: 0121 503 0961
www.moneywatchfinance.com
Peter is one of the panel experts for the Grand Designs live TV show and has been recognised in the Times Vouched For guide to the UK’s top rated financial advisers every year since 2019
LIVE24-SEVEN.COM
THE MIDLANDS PROPERT Y GUIDE MONEYWATCH FINANCE
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