Review Protection When Moving

A recent survey has found that a concerning number of protection policyholders are moving home without reviewing their cover.

According to the research, one in four respondents have moved since they took out their protection cover, but 32% have not reviewed their policy. Moreover, 63% have looked at their cover but did not make any changes. This could be risky as major life events such as moving home usually require a revision to your current insurance, as you will likely need a different level of cover. For example, your mortgage will probably have changed, so you need to make sure that you and your family could still meet your repayments if you pass away or lose your income due to illness or injury.

The survey found that most UK adults were prompted to take out protection after buying their first home. Interestingly, most people (26%) in this situation opted to take out critical illness cover, while 23% purchased income protection and 21% bought life insurance.

We know that moving home can be stressful, but It’s important to take the time to check that your existing insurance policies still meet your needs. We’re here to help.

As with all insurance policies, conditions and exclusions will apply.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Sources:

https://www.covermagazine.co.uk/news/4518274/policyholders-house-reviewing-protection-vitality