Use lockdown as an opportunity to tick off some of that “life admin”
Let’s face it, sorting out life insurance is a job many of us put off.
When you’re arranging your mortgage there’s lots to think about, and life insurance can be one of the tasks that slips through the net.
On Thursday 16 April the UK’s coronavirus lockdown was extended until at least 7 May, leaving most of the nation with another three weeks at home.
It’s a difficult situation, but it could be worth getting some ‘life admin’ done now, to give you some peace of mind when things get back to normal.
Here are two important reasons why your life insurance is worth prioritising:
1. It protects you against the unforeseen
If you have a mortgage, dependent children or will likely pass an inheritance tax bill on to your loved ones, it’s wise to ensure you and your family are protected against any unexpected events.
Whether it be for school fees or living expenses, a specialist advisor like Knight Frank Finance can secure personal protection for you and your family should anything happen to you or your income.
The outbreak of Covid-19 has provided a sad reminder of quite how important the right protection can be.
2. Covid-19 has resulted in significant changes to the life insurance market, so it’s important to understand your options
Providers now want to know if applicants have come into contact with anybody suspected of contracting Covid-19. In these cases some insurers are postponing applications for six months, with the exception of individuals who come into contact with coronavirus as part of their work, including NHS staff on the frontline.
It’s also a little trickier to obtain policies above approximately £500,000 worth of cover.
However, whilst the mortgage market has seen many lenders withdraw products or tighten criteria, insurers are still offering a full range of products – just expect questions about Covid-19.
When it comes to the type of cover you need, even under normal circumstances there is never a “one size fits all” approach, so professional advice is always recommended.
Get in touch and we can walk you through the process.