Has Your Protection Kept Up With Your Life?
- Lucy Baldwin
- Jul 21
- 3 min read
When people arrange a mortgage, protecting it is often part of the process. However, while your mortgage may be reviewed every few years, many people forget to review the protection policies that were put in place alongside it.
Life doesn't stand still, and neither should your financial protection.
Why Regular Protection Reviews Matter
The cover that was right for you a few years ago may no longer meet your needs today.
Since arranging your mortgage, you may have:
Moved to a new home.
Increased your mortgage borrowing.
Started a family.
Changed jobs or become self-employed.
Received a pay rise or reduced your working hours.
Taken on additional financial commitments.
Each of these changes can affect the amount and type of protection that's appropriate for you and your family.
It's About More Than Just Your Mortgage
Many people think protection is simply there to repay the mortgage if they pass away. While that's certainly important, comprehensive protection can do much more.
Depending on the policy you choose, protection could help provide financial support if you:
Are diagnosed with a serious illness.
Are unable to work due to illness or injury.
Want to ensure your family can continue meeting everyday living costs if your income stops.
Need financial security for your loved ones should the unexpected happen.
The right protection can help reduce financial pressure at what is often an already difficult time.
Understanding Your Options
There are several types of protection available, each designed to protect against different risks.
Life Insurance
Life insurance can provide a lump sum payment if you die during the policy term. This can help repay your mortgage or provide financial security for your family.
Critical Illness Cover
Critical illness cover may pay out if you're diagnosed with one of the serious illnesses covered by your policy, helping to ease the financial impact while you focus on your recovery.
Income Protection
Your ability to earn an income is often your greatest financial asset.
Income protection can provide a regular monthly income if you're unable to work due to illness or injury, helping you continue paying essential household bills and maintaining your lifestyle while you recover.
Don't Rely Solely on Employer Benefits
Many employers offer benefits such as sick pay, death-in-service cover or private medical insurance.
While these can provide valuable support, they may not offer the level of protection you need and could end if you change jobs or become self-employed.
Having your own protection in place means your cover isn't dependent on your employer.
A Protection Review Doesn't Always Mean Changing Your Cover
Reviewing your protection isn't about replacing existing policies unnecessarily.
Sometimes, your current arrangements are still the right fit. Other times, a review may highlight gaps in your cover or identify changes that could better reflect your current circumstances.
It's also important not to cancel an existing policy before taking professional advice, as new policies may be more expensive or have different terms depending on your age or health.
When Should You Review Your Protection?
It's worth reviewing your protection if you have:
Remortgaged or are coming to the end of your current mortgage deal.
Bought a new property.
Increased your borrowing.
Got married or moved in with a partner.
Had children.
Changed employment or become self-employed.
Experienced a significant increase or reduction in income.
Not reviewed your protection within the last two to three years.
We're Here to Help
At Major Financial Services, we believe reviewing your protection should be just as important as reviewing your mortgage.
We'll take the time to understand your circumstances, explain your options in plain English, and help you decide whether your current protection still meets your needs. If changes are needed, we'll recommend solutions that are appropriate for your budget and personal situation.
Whether you're buying your first home, remortgaging, growing your family or simply want peace of mind, we're here to help you protect what matters most.
Get in touch with Major Financial Services today to arrange your protection review and make sure your financial safety net is keeping pace with your life.
Please note: Protection policies are subject to eligibility, underwriting, age, health, lifestyle and insurer acceptance criteria. Terms, conditions and exclusions apply.
Comments