The importance of keeping existing insurance policies in place

When you take out an insurance policy, you are usually in it for the long run. However, circumstances alter, and as a result, you can sometimes be in a situation where considering cancelling policies can cross your mind. For example, in times of economic change and stress, it has become common to cancel expenses you’d class as not required, such as memberships, subscriptions, beauty treatments and in some extreme cases, insurance policies. 

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What is business protection?

The importance of business protection is often overlooked. It can help businesses continue to trade if an owner or key person within the business dies or becomes critically ill. The policy could help ensure that key people are replaced, the debt of the business is covered or shares from the deceased partner/director’s estate are purchased.

Business owners are quite often focused on the day to day running of the business and don’t always have the time to think about the what if’s.

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Should I put my life insurance in trust?

A trust is a legal entity and by placing a life policy in trust, it has many benefits. The proceeds of the life insurance policy will bypass the deceased’s estate and as such beneficiaries will receive the money quicker and without any inheritance tax implications. It also gives the policyholder greater control over who receives the assets. 

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Should I change my insurance?

Is it insurance or is it personal protection? Honestly, they are one and the same. Both are designed to give you and your family security and peace of mind should the worst happen.

With recent events and considering how the world is changing rapidly, it would be no surprise if your personal and financial circumstances have changed.

Therefore if you haven’t already, it is vital that you review all aspects of your finances and that includes reviewing your protection insurance, to make sure your policy provides adequate cover for your changing needs.

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Choice Mortgages have provided me with a fantastic consultative service for over 10 years. I've had absolute peace of mind that everything related to my mortgage, home insurance, life insurance and critical illness insurance has been in hand. Nicki and the team have always given me informed guidance and I've had every confidence in their recommendations and products. A first-class service that I wouldn't hesitate to recommend.

A first-class service that I wouldn't hesitate to recommend.

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