Here at Essential, we cannot stress enough the importance of making sure your life cover is up to date.

To avoid any unwanted surprises, it’s imperative that you have a good understanding of your financial situation and insurance coverage, as well as keeping your cover accurate and up to date.

Life insurance is in no way a one-size-fits-all product, and you cannot simply buy it and forget about it either. Not updating your policy can have severe consequences, so it’s vital you keep your insurer in the loop when it comes to major life events.

Certain milestones can signal changes in your financial situation, and it’s entirely likely that this means changes to your insurance needs too.

We’ve compiled a list of occasions that might mean changes to your cover are in order.

Buying A House/ Moving Home.

Your mortgage is likely to be the biggest debt you’ll ever take on and your life insurance needs to cover it – particularly if it’s you that brings home the bacon.

There are different types of cover suited to meet different needs, and can be tailored to you depending on the size or length of your mortgage.

Tying The Knot.

Marriage is a beautiful thing. During the honeymoon period, life insurance might not be the first thing on your mind – but it’s certainly one you should remember.

Now you’re married you could consider a joint policy. Advisors tend to warn against these, as although cheaper, joint policies only pay out once – leaving the surviving spouse without any cover.

Now is also the time to look at the names of beneficiaries on your policy. Forgetting to update could lead to potential problems for your spouse or partner if you die.

Untying That Knot.

If you’re getting a divorce, your insurance needs some attention. Unfortunately, if a marriage is coming to an end, there are likely to be many financial matters that need to be addressed.

Tackling life insurance is one of them, as your cover needs, and almost certainly your beneficiary (if your spouse/partner is named) are going to change.

New Job/Losing Your Job/Retiring.

Just landed that swish new job with the bigger salary? You may want to increase your cover so that you can keep accustomed to the lifestyle you might be living.

Similarly, if you lose your job you might want to consider downsizing your cover, even just temporarily. You’ll also need to check if you’re losing any death-in-service benefit you may have.

When you retire you need to ensure your life insurance runs efficiently with your pension – if you die and pension payments stop, you need to ensure your spouse will have enough to live on. Talking to an advisor about over 50s cover will point you in the right direction.

Changes To Health.

This can be either way – any new medical problems need to be disclosed as soon as possible, to ensure you’ll get the most out of your cover when you need it.

Likewise, positive health changes will have an effect on your cover. Insurers consider a number of factors when writing your policy, including your age, general health and occupation.

Quitting smoking and losing weight (if you have a higher range BMI to start with) can help bring the costs of your premiums down, so it’s worth doing and worth letter your insurer know about it.

You must have been smoke free for 12 months before it will be taken into account and it’s worth mentioning that actually, e-cigarettes count – as well as other nicotine products such as gum, patches and inhalers.

Review Before You Renew!

Don’t leave it until these events to check in with your insurer. You’re policy will usually be renewed annually, so check it’s up to date and ensure it’s still meeting your needs.

This is a good idea if you’re likely to forget too – after all, if you’ve just had a baby, left your job and are about to move home, sometimes formalities such as insurance can slip your mind. We get it, don’t worry.

Your life insurance is in place to protect the ones you love when you’re gone. Making sure it’s up-to-date will ensure they’re taken care of, and will give you one less thing to worry about. Contacting an advisor can save you time, stress and confusion, so it’s certainly something to think about.

At Essential, we are here for you every step of the way. That’s why we offer comprehensive aftercare when you take out a policy – there will always be a friendly advisor on hand, making sure you’re getting the most from your cover.