If you already have insurance protection in place, you may feel financially secure. However, your circumstances can change significantly over time, and your existing protection may no longer meet your current needs.
For this reason, it can be valuable to review your insurance arrangements regularly.
This may be particularly relevant if you purchased your policies online without receiving personalised advice at the time.
Your income, family circumstances, mortgage, financial commitments, health and priorities can all change over the years. The level of protection that was appropriate when you originally arranged your policy may therefore no longer be sufficient.
Your circumstances change over time — your insurance protection should change with them.
A review can help identify whether your existing cover remains appropriate and whether there may be gaps in your protection.
There are many reasons why reviewing your existing insurance protection may be worthwhile.
The amount your family could receive from your existing insurance may no longer be sufficient to meet your current mortgage, household expenses, debts or other financial commitments.
If you have stopped smoking since taking out your existing policy, you may potentially qualify for different premiums when applying for new cover, depending on the insurer's criteria and how long you have been a non-smoker.
If your existing policy was affected by an additional premium because of your BMI or another health-related factor, your circumstances may have changed. A new application could potentially result in different underwriting terms, although this cannot be guaranteed.
An exclusion that applied when you originally took out your policy may potentially be treated differently when applying for new cover, depending on your circumstances and the insurer's underwriting criteria.
Some people have protection primarily for death but may have limited financial protection if they become seriously ill or are unable to work following an injury.
A review can help establish whether additional protection, such as critical illness cover or income protection, may be appropriate for your circumstances.
Insurance products can vary significantly in the illnesses they cover, the definitions used, the severity levels covered and the benefits available.
A review of your existing policy can help you understand exactly what you are currently covered for and whether alternative options may provide broader or more suitable protection.
Depending on the type of policy and your individual circumstances, arranging a policy in trust may have advantages for how the policy proceeds are dealt with.
Trust arrangements can have important legal and tax implications and may not be appropriate in every situation. Professional advice should be obtained before making changes to an existing arrangement.
To learn WHY is TRUST important to set up with a life insurance, go to FIND OUT MORE Button.
The insurance market has changed significantly over the years, and some newer policies may offer different or broader benefits than policies that were available in the past.
However, replacing an existing policy should never be taken lightly.
An existing policy may contain valuable benefits, terms, exclusions or underwriting conditions that may not be available under a new policy.
When considering a replacement, we compare the existing cover with the proposed new protection and explain the important differences to you.
We will consider factors such as:
Our aim is to ensure that you understand both the potential benefits and disadvantages of replacing your existing cover before making a decision.
We only recommend replacing an existing insurance plan where, based on our assessment of your circumstances and objectives, we believe the proposed arrangement is appropriate and in your best interests.
You will always have the opportunity to consider the recommendation before deciding whether you wish to proceed.
It is in your interest to receive informed and professional advice on your existing insurance protection.
We offer a review of your current arrangements at no additional cost.
The purpose of the review is to help you understand the protection you currently have and consider whether it continues to meet your needs, objectives and financial circumstances.
Where appropriate, we can also discuss wider family protection considerations, including Will and guardianship arrangements. Any legal advice should be obtained from an appropriately qualified legal professional.
Having your own professional adviser also means you have ongoing support when you need it — from keeping your policy information up to date, such as notifying relevant parties of changes in your circumstances, to helping you understand the claims process if you ever need to make a claim.
Book your Financial Review Meeting to understand your current level of protection and whether your existing arrangements continue to meet your needs.
We only recommend replacing an existing insurance plan where we believe, based on our assessment, that the proposed arrangement is appropriate for your circumstances and in your best interests.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
Best Brokers Ltd is a company registered in England and Wales. Registered number: 586018. Registered office: 3 Chester Bridge, Crewe, England, CW2 7EF
Best Brokers Ltd Is an Appointed Representative of Financial Expert Partnership Ltd which Is Authorised And Regulated By The Financial Conduct Authority.
Registered number : 591556.
Best Brokers Ltd act as a credit broker, not a lender.
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