Reasons To Review Your Life Insurance

The Chill life insurance experts may be the happiest bunch of people you could hope to meet on a night out. Maybe it’s the morning ritual of feeding the goldfish, or perhaps it’s just the fact that helping our customers with their life insurance queries really brings them to a new level of happiness.

We don’t know what the boundless energy is triggered by, but we know they are always on hand to answer your main query…… What is the cheapest premium I can pay for the amount of life cover I need?

Taking out your life insurance, or mortgage protectionn policy, can be complicated, but it ensures your dependents are protected in the event of your passing. Unlike other types of insurance, which have different benefits, Life insurance generally offers a standard benefit. So keeping on top of your policy details can be beneficial to you and your loved ones. As your life situations change through the years, a regular review of your policy is both important and advisable.

We at Chill want to ensure that your life cover is suitable to your individual needs. As well as speaking to 6 different life insurance providers we have put a Life insurance calculator on our website to help you decide how much cover is for you.

SEVEN REASONS TO REVIEW YOUR LIFE INSURANCE POLICY

If you haven’t reviewed your policy recently, here are seven reasons why you might want to review your life insurance:

1. If the family has multiplied over the years, i.e. the ‘two at home’ have turned into the four at home!
A lot of Life policies and protection policies have extra free benefits that cover children under 18/21, offer a second medical option and some extra free benefits, which could allow you to have a small amount of your benefit paid out early in certain circumstances.
2. If you have recently, or are about to, purchase a new home.
3. If you have kicked the habit and ditched the smoking garden for smoke free air.
Smokers are considered high risk by many insurers due to the increased potential of contracting certain serious illnesses. You can save in two ways when you stop smoking – on your life insurance costs and on the cost of cigarettes.
4. If that dream hobby has become reality and dangerous pursuits is how you roll!
5. If you have made a change to your mortgage repayments.
It is always a great idea to review your cover every 5 – 10 years. A lot can happen in this short space of time which may help cut the cost of your cover such as: Children moving out, you've purchased a new home or there has been a change to your mortgage repayments.
6. Builds the habit of thrift. Life insurance is a long term contract which builds the habit of long-term savings.
7. If you have let your original policy lapse.

Reassessing your Life Insurance, or any insurance you have, throughout its lifetime is always a great idea because circumstances can change which may, but not always, work out in your favour.

If you have decided to see what else you can have and what money you could save, why not call us on 01 4003400 to speak to one of the team? Alternatively, if time is an issue, you can try our free online life insurance quick quote, which takes less than two minutes to use, that will give you some idea of the savings you might be able to make.