One of the benefits of buying protection insurance (such as life insurance, critical illness cover and income protection) is peace of mind – but it’s not enough to simply have this kind of insurance – you need to have the right insurance. By right, we mean insurance that will cover you, without needless expense, for what you need, when you need it.

Obtaining insurance online usually means that you’ve filled out a form and a computer has given you a ‘best match’ solution. What can happen in these instances is that critical nuances are missed, which might have been detected with more forethought or professional consultation. Having a bad experience and then, right when you’re most vulnerable, discovering that you’re not covered, is a situation no one wants to face.

So, how can you avoid this unwelcome situation?

Make a checklist
Sit down and have a good, honest think about where it would hurt most were something unexpected to happen. Do you rely on one income to support your family and therefore income protection is a consideration for you? Would your family struggle to keep up the mortgage repayments if you were no longer around? Identify your weak spots, as well as what types of insurance may not be so necessary for you, and make a list of the absolute bare minimum you would need in the event of your death, illness or inability to work.

Plan for the unexpected
As much as we all hate to think about it, the situations that are the hardest to recover from are usually those extreme events that we can hardly bear to consider, such as the sudden, early death of a spouse or complete loss of our home. It’s worth at least considering where you would be, and what you would need if the absolute worst were to happen.

Get professional advice

If you want to shop around and get the best deal, you could speak to a professional insurance advisor to do the hard work for you. After all, they are trained to spot the gaps and will be able to quickly identify any critical missing elements. At Essential Insurance, we will take our time to listen to your needs and familiarise ourselves with your current financial situation, assets and risk areas and we will advise you on what type of protection insurance you do, and don’t, need and help you find a policy that ticks all the right boxes.

Get a policy review

According to a recent article in the Financial Times, many people are likely to be under-protected in terms of their life insurance in relation to their mortgage debt. In fact, Stephen Crosbie of Aegon says, “people could be under protecting themselves based on their mortgage debt alone by around £44,937”.

Many people take out life insurance when they buy their first home, but the level of insurance needs to be reviewed to reflect any changes to levels of personal debt, including mortgages, and to acknowledge any other key life events like marriage, new jobs, children or divorce.

No one wants to keep thinking about their own death. But it is important to review your policy when your circumstances change to make sure what you have in place provides the financial security you want it to - and you have peace of mind.

We make it easy for our customers to get in touch and we’ll review their needs to make sure that they have still got it covered.

If you would like us to review your policy or if you don’t have a policy and you would like free no-obligation advice you can contact us on 0800 612 8005 or give us your contact details and we’ll call you.