Review Your Life Assurance Regularly

When did you ever get EXCITED about Life Assurance?

We want to ask, have you ever got excited about life assurance? After all, what is there to get excited about? Equally, if you have an existing cover, it is likely you haven’t reviewed it for quite some time. You have ticked that box, and then it’s generally not to be thought of again.

There are many good reasons to review your existing cover, and if you haven’t got cover in place, we would like to challenge you to think about why having suitable arrangements in place could prove invaluable.

So, have you ever been excited about a protection plan or a life assurance contract before?! Has the thought of paying for life cover or critical illness cover ever left you feeling exhilarated?

Do you spend your time talking about how amazing your protection plan is? Well, if you have been insured with traditional insurance companies and their products – we believe the answer to these questions will generally be “NO!”

The benefits of reviewing cover arrangements

Life Assurance

At MMPE, clients are ranting and raving about the protection portfolios we are creating for them. We have provided many clients with the most comprehensive cover in the UK from a market-leading insurer that provides the leading claims statistics and the most medical conditions covered within a critical illness contract and provides a multiple claims facility!

Value-added products that provide benefits packages that can include built-in discounts and rewards programs. Most traditional life insurance companies in the UK have historically provided an assurance contract only. Meaning that the policies only pay out in the event of either death, a critical illness covered by the policy, or an income protection claim. Many policies provide no additional day-to-day benefits.

Whereas more modern contracts can provide an array of different benefits. From 24/7 GP access, therapy coverage, discounts, rewards programs, etc.

We believe it’s time to review to see what additional benefits you could be provided with that you can use today, and do not just pay for a contract that pays out in the event of a claim.

MMPE provides you with advice and will help set up your cover.

Delivering you peace of mind and additional benefits. MMPE will help you set up your protection portfolio in such a way that you and your family are left with peace of mind that any mortgage or debt and loved ones are taken care of in the event of you or a loved one passing away or suffering from a serious or critical illness.

Plus, whilst having this peace of mind, you could enjoy a wide range of benefits, such as discounts and rewards available to you and your family!

Why not enjoy a getaway at the UK’s number 1 luxury spa hotel group, Champneys, at a 75% discount? Or look forward to taking your family to the cinema every month with your free cinema tickets for all members!

Get active and enjoy the gym equipment, saunas, and steam rooms at Nuffield Health, Pure Gym and Virgin Active at up to a 50% discount off your monthly membership fees.

Enjoy weekly home cinema vouchers from Rakuten TV or a weekly coffee from Café Nero. Book your holidays through Expedia at discounted prices, and benefit from cash back on healthy foods purchased at Waitrose. Access to 24/7 GP access for plan members and family. The list continues with more discounts and rewards potentially available to you!

Please note that benefits differ from insurer to insurer. However, we can help recommend products and insurers that will best suit your needs.

If you are interested in getting more from your life assurance and being provided with amazing benefits, then get in touch with us today! Be comprehensively covered and enjoy additional policy benefits.

Regular reviews

Why bother to review your cover requirements?

We all know how much life can change, whether it be a change of jobs and employer benefits or going self-employed. Perhaps you have given up smoking or started smoking? Had an addition to the family or, borrowed additional monies on your mortgage or changed your mortgage term. These can all be potential reasons why your cover may need an overhaul and review.

When thinking about life insurance, we tend to think of £000’s or tens of thousands of pounds. Very often, we get complacent about being a few thousand £’s short. Or not covering an unsecured debt or a further advance. However, consider a situation where a loved one is left on their own following a bereavement, and there is a shortfall to be able to repay the mortgage. Where would this money be found from? The benefit of regular reviews is to ensure that your life assurance arrangements, inclusive of protecting your income and critical illness cover, are aligned correctly to meet the needs, generally for others, “our loved ones”.

Equally, as highlighted in the paragraphs above, other added value benefits could be gained by bringing your cover levels up to date.

Why do people get life Insurance?

The Forbes Advisor survey published in July 2023 confirmed the following.

Forbes advisor asked current UK life insurance policyholders why they took out a life insurance policy.

  • 38% said it was out of general caution, and they don’t expect anything negative to happen to them.
  • 30% said it was due to them becoming a parent.
  • 21% to gather policy because it is a requirement for their mortgage.
  • 15% said they took out a policy to pay for their mortgage in the event of their death since they are the only financial provider in their household.
  • 11% are contractually obligated to take out life insurance for their job.
  • 11% said it was because their occupation is more dangerous than the average job.
  • 11% said their lifestyles were more dangerous than average and wanted to provide for their loved ones in the event of death.

There are lots of reasons and lots of justifications for life cover arrangements. The simple questions that most households should consider with regard to reviewing their life assurance arrangements are.

Would it significantly impact the other person financially if you or a partner were to die?

If the answer to this is yes, you should consider life assurance.

If you or a partner were unable to work due to ill health, would it significantly impact your ability to pay your bills?

If the answer to this is yes, you should consider income protection.

If you or a partner were to suffer from a serious or critical illness, would it significantly impact your ability to earn an income?

If the answer is yes, you should consider critical illness coverage.

Summary

At MMPE, we believe that if you have life assurance, it should be reviewed regularly to ensure that it is aligned with your current needs and requirements.

Equally, if your current insurance company’s policy does not provide tangible benefits to use daily, then we recommend a review. If you don’t have cover in place, review the questions above and consider the impact.

MMPE provide a no-obligation, no-cost review. Take up our challenge, make sure your cover is up-to-date and that you benefit from tangible rewards that modern policies provide.

If you would like to review your cover, please click the link below. You will have the option to either get online quotes from an intuitive and independent source. Alternatively, you can book a call if you prefer to speak directly with an adviser.

Schedule My Review

My Mortgage Experts & Protection Experts Ltd (FCA 937076), is an Appointed Representative of King Mortgages Ltd.

King Mortgages is authorised & regulated by the Financial Conduct Authority (FCA). King Mortgages Ltd is entered on the financial services register http://register.fca.org.uk/ under reference number 803561.

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

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