Change in circumstances calls for change in life insurance

Change in circumstances calls for change in life insurance - News 2009

Some consumers risk being significantly under-insured by not reviewing their life insurance when they experience big changes such as marriage or buying a house, it has been highlighted.

It is vital to review cover because the amount of protection changes in line with transformations in personal circumstances, according to personal finance experts from BeatThatQuote.com.

Urging people with life insurance not to "get complacent about how much cover is really right" for them, the financial specialists have cited weddings, buying a home and getting a newborn as some of the situations signifying the need for reviewing cover.

Writing in MSN Money, the financial experts said that "entering into a marriage or civil partnership probably means you and your partner will pool your salaries", which highlights the need to protect both sources of income.

If buying a house with a partner or friend, consumers should ensure they have enough cover to sort out their share of the debt if they die to prevent the other half from incurring debt, they added.

The cost of looking after an extra baby can be enormous, therefore consumers should review their cover to reflect any new additions.

Life cover is especially vital for people with dependants.

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