Citywide Financial Solutions

Should I review my Life Assurance policy?

You should review all of your insurance policies once a year.

If you have a major life change it makes sense to talk to a financial advisor on the impact this might have on your insurance requirements.

These life changes may include the following:

- Getting married or divorced

- Giving up smoking

- Having a child

- Significant health changes

- Buying a house

- Inheriting money

- Getting a new job

A review such as this is a way to make sure that you have the right kind and level of cover in place to protect you and your family. It is also a good opportunity to make sure your policy is helping you to meet your overall financial goals.

A life insurance review is the perfect time to look at new insurance options your insurer may have and to discuss any concerns you have about the premium you’re paying.

Should I review my existing Income Protection policy?

Income Protection is one of the most important polices to continually review as the policy is based on your earnings and sick pay entitlements and/or savings you may have should you be out of work due to illness or injury. This is even more important for individuals who are self employed as their earnings can fluctuate more than people who are employed.

What changes in circumstances can affect your Income Protection policy?

A payrise, new job, giving up smoking or having a baby are some of the reasons you should review your existing Income Protection plan. This is to ensure you would receive an adequate level of cover to match your circumstances and to make sure your chosen deferred period aligns with your sick pay entitlement from work and any savings you may have.

Are there any new Income Protection products?

In recent years there have been improvements to Income Protection plans. For example, better support to enable you to get you back to work after illness and additional benefits which vary from insurer to insurer.

It makes sense to check with a broker to ensure that you are in the most suitable plan to meet your individual needs.

Why should I review my Mortgage Protection policy?

1 If you got your mortgage protection policy through your mortgage lender (the bank) there is a very good chance that you will be able to get it cheaper through a broker like Citywide Financial. The reason for this is because banks are tied agents who do not have the option of shopping around for the best rate.

2 You may have been in a position to pay a lump sum off your mortgage resulting in a lower amount owed than the amount you have actually covered under your mortgage protection policy.

3 You may have been a smoker when you originally took out your mortgage protection policy. If you have been a non-smoker for more than 12 months, you will now be eligible for non-smokers rates. This could have a big impact on your premium.

Over to you...

Major life events should be viewed as a trigger for reviewing your insurance policies. Talk to a financial advisor who can advise you whether you’re over insured or under insured. Our team of advisors would be delighted to help.

www.citywidefinancial.ie

01 5138710

info@citywidefinancial.ie

 

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