life-insurance all-ages

Life Insurance for all ages

You might feel like you don't need life insurance. Or that you don't need to review the cover you have. But life stages come and go, bringing changes in your circumstances which will impact on the type of life cover you need. Life insurance protects those you love and who depend on you financially. It guarantees financial security for them if you die. A review of your cover will make sure that it's updated to fit your ever-changing needs. It might even save some money too.

Here are the main reasons why it’s important to take out or review your life insurance at different stages in your life.

In your 20s and 30s

  • Married with children?   You’re young, but you may have a partner or children. If you have people who are financially dependent on you, then they should be included in your cover. Young children often increase your life cover need, so it’s vital to get the right policy to fit those needs.
  • New home, new cover? When you buy a house, it’s common to take out the mortgage protection offered by your mortgage provider. But remember this might not be the best rates or term for your needs. So it's really important to shop around for better cover at a better price.

In your 40s

  • Changes in mortgage As you pay off your mortgage, the level of cover you need decreases over time. Or if you’ve taken on a new mortgage for a new home or house renovation, you’ll need to review your cover accordingly.
  • Changes in your health If you’ve quit smoking, become more active and lost weight, or improved your diet and reduced your blood pressure, this can change the cost of your life cover; so find out if you can cut costs!
  • Family changes As your family grows, more people depend on you financially so should be included in your cover. You might also consider financial protection for your parents – in case they became ill or needed nursing home care in the future.
  • Other policies You may have other policies that include an element of life cover, so check your policies as a whole to make sure you’re not over-insured, and you have the right policy for you.

In your 50s & 60s

  • Financial status Your financial status may change as you move through life due to changes in income, loans or mortgages, or children no longer financially dependent on you. All of this can affect the cover you need.
  • Providing for your children Your children may add financial demands to your cover through third level education fees, wedding costs or even house deposits.
  • Inheritance tax Your children may require extra financial protection for any inheritance tax bills which can be included in your life cover.
  • Future needs The future needs of your spouse or partner can be added to your life insurance – for example cover for home care or nursing in later years.

Our lives are constantly changing. If you haven’t changed your life insurance in a while, it’s important to review you cover to make sure it meets your current needs. And remember, not all life insurance policies are the same. Life cover providers are always updating and improving their offering and releasing new products; so it always makes sense to review and shop around. 

 

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