We all want to ensure that our loved ones are taken care of financially when we are not around anymore. Life cover is not something we think about every day. You take out life cover and then forget about it, thinking your family is sorted.
Circumstances change throughout your life, and your life cover needs to be amended accordingly. There are certain times in your life that you need to re-evaluate your life cover.
•    Buying property – if you purchase a property, you need life insurance to cover the mortgage in the event of your death, so your family is not left with debt. If you have existing life cover, you might need to increase it to include the value of the mortgage.
•    Getting Married – Now that you have a spouse, you might want to increase your life cover to provide for your partner and cover your debt. There is also the possibility of joint life cover which could work out cheaper. 
•    Growing family – As your family grows, so should your life cover. Your original life insurance might just cover your debt and your spouse. What about your children’s schooling, tertiary education, and monthly upkeep? Will your spouse be able to cover all these things? According to a study by moneysupermarket.com, it could cost between £80 000- £100 000 to raise a child.
•    Career change – As you progress in your career and earn more, you ultimately spend more. You may want to increase your life insurance to cover the new lifestyle that your family will become accustomed to. If you changed companies and had ‘death in service’ cover which you no longer get with your new role, you may need to adjust your cover as well.
•    Retirement – When you retire, your needs change. Your children might not be dependent on you anymore, you mortgage could be paid off, and you might have downsized your lifestyle. You may not need as much cover anymore. If you your partner or grandchildren depend on you financially, you may want to keep the cover the same.*

Your financial adviser is the best person to help you evaluate your circumstances and recommend any adjustments to your life cover. [email protected]

* https://www.zurich.com/

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.

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