Start 2025 with confidence – is your insurance cover right for you?

As we head into the new year, you may be setting goals for your financial future.

Maybe you’re increasing your saving or paying down debt – but have you thought about whether your insurance is giving you financial peace-of-mind?

Insurance can provide invaluable reassurance that you and your family are financially protected, even if unpleasant surprises might lie around the corner.

Now is a great time to take a moment to review your cover and ensure it’s adequate, and fit for purpose.

Review what you have

Getting insurance in place is a great first step, but it’s really important to regularly review it and remind yourself what cover you have.

A good first step may be to check what policies you and your family currently have in place.

What benefits does your health insurance offer? Has your income protection cover kept up with any changes to what you earn? What life cover do you have? Making a list of the policies that you have and the situations in which you might claim on them can give you an idea of your current insurance picture.

If you’re not sure, your adviser is a great first point-of-call to help with this.

Consider any gaps

From there, you may identify some gaps in your current coverage. Maybe you have new obligations and commitments since the last time your insurance was reviewed. Things like buying a new house or having children can quickly change your insurance needs.

Your income might have increased significantly, and might mean you need to update the levels of cover on your income protection or rent and mortgage policies.

Perhaps your health cover isn’t as comprehensive as you would like.

There may also be add-ons from insurers that could be appropriate for your needs – maybe it’s time to inflation-proof your income protection, broaden your health insurance options or think about adding some kids cover to your trauma policies. We can help you to look at what’s available and what might be missing from your current cover.

Think about your goals

Insurance can also help you keep on track for financial goals.

If you’re paying off debt, for example, you may need insurance to help that happen even if you no longer have an income, or if you were no longer around.

If you’re in a position where you’ve paid off your debt, you might find you no longer need the same levels, or the same types, of cover. This could be an opportunity to adjust your insurance protection accordingly.

If you’re saving for a big goal, you may need income protection to help keep you on track, whatever happens. Insurance isn’t just to protect what you have but can also keep you going towards the things that are important to you in the future.

For business owners, it’s a good idea to regularly review your business cover, too.

We can help

It can be hard to remember to review your insurance regularly, so let us take care of it for you.

As your insurance advisers, we can work with you to regularly check in on your insurance cover and ensure that it remains appropriate for your needs.

Insurance should change with you as you go through life, so it’s important not to “set and forget”. We can help you to check in on the policies you have in place, what is available, and whether there are any other options that could be a suitable fit for you – to give you optimum peace-of-mind in 2025.

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The information contained in this publication is intended for general guidance and information only. It has not been personally prepared for you. Therefore, you should not act on this information if you have not considered the appropriateness of this information to your personal objectives, financial situation and needs. You should consult with us before making any investment decision. Historical market performance may not be indicative of future market performance.

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