Your Protection Policies
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Your Protection Policies
6. Undertake a full review of all your protection policies. Protection is a vital component of any financial review, and homeowners should pay specific attention to this. Check that you have adequate life assurance to cover your mortgage, and check the affordability of Critical Illness cover, if you have none in place at this time.
This cover, though often expensive is aimed at paying out to the insured in the event of the diagnosis of a life threatening illness. The sum paid out is usually aimed to be the sum of the outstanding mortgage, and can be invaluable, especially if this illness reduces your ability to work in the future.
Life and Critical Illness cover is more important when you have dependant children, so if you have become a parent since the last time you reviewed these, then you may wish to consider your options for increasing your level of cover. Monthly payment protection policies should also be reviewed, in order to familiarise yourself with the terms and conditions of any you may have in place. If you have several different policies, covering loans or cards, you may find it less expensive to look at one single income protection plan to cover all.
If you have none in place at all, you should also consider the risks involved, especially if you are the sole family breadwinner. Also, it is better to arrange a plan such as this before there is any risk of unemployment, as after redundancies are announced in a company, it may be too late to set up a valid policy against loss of employment.
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