Life insurance policy do’s and don’ts

To get the best out of most things in life it is wise to follow some basic rules. Life Insurance is an important purchase, affecting how your loved ones would live if anything happened to you. Here are some things to consider when reviewing your life cover.

Here are a few things you should do when it comes to life insurance:

Do: Review your policy regularly. Life never stands still, and we need to have cover in place to support our life choices. Children are born (and leave home), you may switch job, or increase your debts. Changes in marital circumstances and health also need considering.

Do: Make sure your life policy covers all your main outgoings and debts. Mortgages, loans, credit cards and school fees all need to be accounted for.

Do: Tell your insurer if you stop smoking. You may save up to 50% on your premiums by giving up.

Do: Take action! Nearly a quarter of UK households with dependants had no life cover at all in 2015. The younger you are when you take out a policy the better your rates will be as the risk is reduced to the insurer.

Here are a few things you shouldn’t do when it comes to life insurance:

Don’t: Cancel your existing policy before the new one is active.

Don’t: Put it off. You never know when you will need your life cover to protect you and your loved ones. The consequences for your family of something happening to you may be disastrous.

Don’t: Forget the future. University, home improvements, and new arrivals can all be predicted up to a point. Life changes, but we are in charge of our choices.


Don’t: Forget stay at home parents. Their true value is incalculable, but their work would command a salary over £50,000 in the workplace. Something to remember when reviewing your policy.

Spot on Mortgages provide advice on life insurance policies. Even if you have a policy in place it makes sense to constantly review your cover. Get in touch to if you need advice on the next step.


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