Why should you review your policy?

You might be wondering why you’d need to review your life insurance policy. Well, the reason is simple. As your circumstances change, so should your life insurance policy.

At Busy Bee, we have a team of review specialists who can evaluate your new circumstances and offer free, tailored advice on how to find the right cover for you.

Why?

There are several circumstances in which reviewing your life insurance policy is crucial, a few of which we will highlight below for you.

By reviewing your life insurance policy, you can not only ensure that your cover aligns with your current circumstances but you could even secure better benefits, and sometimes get a cheaper monthly premium!

Quit smoking?

Did you know that by quitting smoking and by not using any nicotine replacement products for just 12 months, you will be classed as a non-smoker in the eyes of most UK life insurance providers.

So if you were a smoker when you first applied for your policy but you’ve since ditched the cigs then get in touch now and let’s see if we can get you a better deal on your life insurance!

Are you now a home-owner?

When you first arranged your policy, perhaps you were renting or living with your parents? Either way, if you’re now on the property ladder, then you’ll have a mortgage.

A mortgage is one of the top reasons why you should review your life insurance policy. This is because a mortgage is one of the biggest debts we can have in our lives so financially protecting it with a life insurance policy is crucial.

By securing a decreasing life insurance policy, you can cover the remaining balance of your repayment mortgage. The sum assured of your policy will decrease each year, staying in line with the remaining balance on your mortgage.

Has your health improved?

Not many people realise your life insurance monthly premiums are largely based on your health at the point of application. This is also one of the reasons why life insurance is cheaper when you’re younger in age!

So if you arranged your life insurance policy when your health was not at its best and you have since improved and/or your medical condition has improved, then by looking into reviewing your policy, you could end up with a cheaper monthly premium.

Marriage

So, you just got hitched. Getting married can bring about a whirlwind of emotions and is an extremely busy time. But once the dust has settled, reviewing your life insurance policy should be one of your top priorities, and here’s why.

As a married couple, your financial situation is likely to change. Not only are you likely to be combining your income with your significant other but you may also have different financial priorities compared to when you were single.

By reviewing your policy, our specialists could find a policy more suited to your life now you’ve tied the knot!

Children

If you already have cover but have recently started a family then you 100% should be thinking about reviewing your life insurance policy.

Your priorities are likely to have changed now you’re a parent and protecting your little ones means you might need a different type of policy. By speaking to one of our specialists, we can sort a policy suited to your exciting new circumstances.

Plus, some providers even offer additional children’s cover for free on some types of cover - click here to read our blog all about what children’s cover is and how it could benefit your family.

Divorce

Sadly, life happens, and divorces feel like they’re more common than ever these days but what does this mean for your life insurance policy?

If you arranged a policy with your now ex-partner, it could have been a joint policy which means it will be under both of your names. If this is the case, our team can review this policy for you.

Additionally, even if you both had your own policies, they may still need reviewing. This is because these policies may have been based on your joint income, or the highest earners income. So if you and your partner have come to the end of the road then it might be a good idea to refresh your life insurance policy and suit it to your new chapter in life.

Get in touch

If you think you may need to review your life insurance policy or you just want to discuss your options then get in touch with the team here at Busy Bee on 0161 241 6146. We can assess your new circumstances and search through the UK’s top providers to find the right cover for you. Plus, you don’t need to worry about getting in touch if you’re busy, as every couple of years we will contact you to ensure that you’re still happy with your cover anyway!