It can be tempting to delay taking out life insurance or other protection cover, particularly if you are young and healthy and do not feel an immediate need for cover. Some people assume that putting off taking out a policy means saving money because they will pay premiums for fewer years. However, prolonging the decision could actually make life insurance more expensive and reduce the options available to you in the future. The cost of delaying Every life insurance policy is different, depending on the policyholder’s specific circumstances. Your premiums will be calculated based on how much cover you need, your age and general health. As you get older, premiums tend to become more expensive to reflect the increased risk of mortality. You might think that waiting six months won’t make much of a difference to the cost of your policy, but what if you had a health complication within that time? Even a minor change to your health can cause insurers to increase premiums, impose exclusions or reduce the level of cover. Getting a policy sooner rather than later can help secure lower premiums and provide long-term certainty for both you and your family. Consider your wider financial plan Life insurance can play an important role within a financial plan, particularly when it comes to preserving wealth for future generations. From April 2027, unused pension funds will be treated as part of a person’s estate, prompting many people to review their existing arrangements. Because of this, some families are writing life insurance in trust to ensure that beneficiaries are not taxed on the money they receive from their insurance policy. If your family will rely on a life insurance payout to support them after your death, it is particularly important to review your cover now. Thinking of leaving the UK? Life insurance is also worth considering if there is a chance that you may live abroad in the future. Whether you are planning to retire overseas or relocate for work, your residency status can affect your cover. Some policies only insure permanent UK residents, while others may be happy to keep existing cover in place. Taking out a policy well in advance of moving can increase your chances of being eligible for UK protection. It’s therefore advisable to get cover as soon as possible and familiarise yourself with the policy terms. Contact us While delaying a decision about life insurance may seem harmless, it can significantly impact the cost and level of cover you receive. We can help you understand how protection fits into your financial plan. Get in touch for advice. As with all insurance policies, conditions and exclusions will apply Source: https://www.ftadviser.com/content/47c79204-94cc-4a88-b7a3-de16d85d7846

With the World Cup over, many football fans may be inspired to dust off their trainers and join an amateur team. But that comes with a risk of injury… According to research from MetLife UK, nearly a quarter (23%) of UK adults have had a sporting accident. The average person spent four days in hospital after an accident, while one in five stayed even longer. Among those who had experienced or were worried about an accident, the primary concern was taking time off work (23%). One in five (20%) were worried about not being at home for their children, while 16% were concerned about having to take unpaid leave. Having the right protection could alleviate these worries and enable you to live the life you want. As with all insurance policies, conditions and exclusions will apply. Source: https://www.actuarialpost.co.uk/article/football%E2%80%99s-coming-home%E2%80%A6-on-crutches-26686.htm

If you’re packing for a holiday, it’s important to remind yourself which items would be covered if you take them away. When taking your possessions out of the house, it is easy to assume they will automatically be covered under your contents insurance. However, you usually will need to purchase additional cover to insure belongings that you take away from home. Even then, there are times when you won’t be covered, so it’s important to check your specific policy. For example, an item must be carried by you or someone who lives with you in order to be covered. So, if you leave your phone in the care of your friends while you’re on holiday and it gets stolen, you might not be able to make a claim. Or if you drop your phone in the sea, you may not be covered because some insurers don’t pay out for liquid damage. Additionally, possessions left in a hotel room are not always insured, except in cases of forced or violent entry. It’s therefore advisable to keep valuables in a hotel room safe and make sure you have appropriate travel insurance. Don’t leave it to chance - get in touch with us to ensure your possessions will be fully covered while you are out and about in the summer months. As with all insurance policies, conditions and exclusions will apply Source: https://www.admiral.com/resources/home-hub/claiming/personal-possessions-cover-what-youre-covered-for-away-from-home

Younger adults are increasingly taking out life insurance and critical illness cover, according to recent research. Encouragingly, there is growing demand for stand-alone critical illness cover and joint policies among younger buyers, with more under-35s putting protection in place at an earlier stage of life. Research also suggests younger adults are increasingly combining life cover with critical illness protection as awareness of the importance of financial resilience grows. Many younger adults have significant financial commitments, including rent, mortgages and household bills, making financial protection just as important as it is later in life. We can help you explore protection options suited to your needs. As with all insurance policies, conditions and exclusions will apply. Source: https://www.insurancebusinessmag.com/uk/news/life-insurance/younger-buyers-lock-in-cheaper-uk-life-cover-as-protection-market-shifts--report-567434.aspx

Many UK homeowners could be underinsured because rebuild costs are often very different from property values, particularly in certain parts of the country. Property value versus rebuild cost House prices are not simply based on the cost of rebuilding a home. In many areas, values are heavily influenced by location and land prices rather than the bricks and mortar alone. As a result, the rebuild cost of a property can differ significantly from its market value. In some regions, the cost of reconstructing a home after a major disaster could exceed the insured amount by hundreds of thousands of pounds. Research suggests regional variations are becoming increasingly noticeable. In some parts of the UK, particularly where property prices have risen sharply due to demand and location, the market value of homes can be substantially higher than the actual rebuild cost. In other areas, rebuild costs can outweigh property values due to rising construction expenses and local labour shortages. This means homeowners cannot assume their property’s sale price automatically reflects the amount they should insure it for. The underinsurance problem Buildings insurance limits are often linked to property valuations, which can create serious underinsurance risks. If cover is based on an inaccurate estimate, homeowners may find they are not fully protected if they ever need to make a major claim. Recent analysis found that 70% of UK properties are underinsured, while 23% are overinsured, leaving only a small minority insured for the correct amount. The regional divide is also significant. Wales recorded the highest level of underinsurance at 80%, followed by the North West at 77% and Northern Ireland at 75%. Meanwhile, Scotland and the South East reported some of the highest levels of overinsurance. Construction costs, labour shortages and rising material prices have further increased the importance of accurate rebuild assessments in recent years. The cost of materials has fluctuated considerably, while higher energy and transportation costs have also affected the sector. How homeowners can review cover Many homeowners mistakenly assume their insurer will automatically calculate the correct rebuild value. However, this is not always the case, which is why reviewing your cover regularly is so important. Home improvements, such as extensions, can also affect rebuild costs. If these changes are not reflected in your insurance policy, you may not have sufficient cover in place. Having the right level of buildings insurance could help prevent costly shortfalls following major property damage. Speak to us today Get in touch. We can help you to ensure your property has an appropriate level of cover. As with all insurance policies, conditions and exclusions will apply. Sources: https://www.insurancetimes.co.uk/analysis/the-underinsurance-divide-thats-splitting-the-country/1458289.article https://www.chimnie.com/articles/rebuild-costs-hidden-factor-valuations https://www.rebuildcostassessment.com/post/regional-breakdown-uk-insurance-accuracy