| The need to keep up to date with what cover you | | | | protected.” |
| have purchased and how much you need now has | | | | Expert Advice |
| been highlighted by a new survey from a major | | | | The research conducted by Barclay's revealed some |
| British insurer. When buying life insurance many | | | | worrying holes in people's knowledge of the insurance |
| people fail to take in to account the need to renew | | | | market, with half of those surveyed admitting that |
| and amend the policy to fit with ever-changing life | | | | they had received no expert advice before buying |
| circumstances, which can leave you with a large | | | | cover and even worse, over 10% were even unsure |
| financial hole in the event of a tragedy. | | | | whether they had received advice or not. |
| Life stage events | | | | “Perhaps part of the problem is that people |
| “Life stage events” as they are called in the | | | | aren't often fully aware of what need and what sum |
| insurance industry are those points in a persons' life, | | | | their protection products cover in the first place, |
| which will massively effect their financial and security | | | | especially when they buy without advice.” Added |
| status. The most common of these often include | | | | Stuart, the insurer's Director of Advice and Products. |
| divorce, the birth of a child, marriage, buying a new | | | | The bank urged people to take advantage of the |
| home or moving house, a new job, retirement and a | | | | new year to review their finances and make sure |
| family bereavement. | | | | that they have all their insurance cover in order. They |
| These events can very often affect the suitability of | | | | added that people should not be afraid to ask for |
| your life insurance or critical illness cover but | | | | specialist advice rather than getting help from |
| according to the research conducted by Barclays | | | | unqualified friends and family. |
| Financial Planning, 42% of people with one or more | | | | “At the beginning of a new year people often |
| protection policies has had a life stage event since | | | | take the time to look at their finances, which is a |
| they signed the deal and hasn't reviewed the policy | | | | great opportunity to find out if your existing |
| to check if it still offers all the protection they need | | | | protection cover continues to be right for your |
| for the whole family. | | | | changing needs. The cost of updating an existing |
| David Stuart, from Barclays commented that: | | | | policy can be minimal so people shouldn't automatically |
| “When you buy a protection policy this should | | | | think that their premiums might shoot up. We urge |
| not be the end of the matter. It is crucial that people | | | | people to seek professional advice, as having the |
| think about updating any cover, or switching to | | | | wrong kind of protection can create a false sense of |
| different types of products if, for instance, they | | | | security that's often realised too late.” concluded |
| have a child, get married or buy a house. It's a | | | | Stuart. |
| worrying statistic that over 10 million people could | | | | Darrell has more articles pertaining to life insurance |
| have the wrong cover when they think they are | | | | and other insurance related articles. |