The importance of reviewing your insurances – Are they fit for purpose?

By Risk specialist Lynda Taylor. Licensed Financial Adviser FSP 9752

Many clients have been in touch in the past few months to discuss the structure of their cover in terms of both the benefits that they have and the sums of cover. 

Is what they have in place fit for purpose and still relevant and do they have an appropriate structure of cover in place whilst for some, concern has been the increase in premiums. 

I am always happy to discuss your situation with you.  We can look at your insurances in light of the market to check that it remains competitive.  We can also review what you have in place.

We have options to help with affordability: –

  • Reduce covers so there is some protection still in place rather than cancelling and having no cover.
  • Increase standdown periods or excesses to reduce outgoings.
  • Consider policies that still cover “big ticket events” but less “bells and whistles.”
  • A combination of all 3 listed above.

Remember when doing your tax returns that you may be able to claim for the cost of your income protection or loss of earnings policies based on your marginal tax rate.