Should you consider replacing your life cover policy?
- Are you paying smokers rates but have stopped smoking?
- Did you start your life policy over five years ago?
- Are you in good health?
- Have your circumstances changed?
- Does your current policy cover critical illness?
- Is the level of cover still sufficient?
- Is your level of cover fixed or is it periodically reviewed?
The cost of life insurance has dramatically reduced over the last few years, all the above are reasons to review your life cover.
You may be able to increase your level of cover without paying extra.
Did you know smokers rates are twice that of non-smokers? If you have given up for longer than 12 months we may be able to provide a cheaper option.
Old style policies did not have critical illness cover. Considering that you are more likely to suffer from a critical illness than die, this is worth considering.
Have your circumstances changed? Marriage, children it might be a good time to review levels of cover and include your partner.
For a free impartial review of your protection needs please contact us to arrange an appointment with one of our experienced advisers. If you do not ask you will not find out.
EFPG has just posted an article about considerations that both employees and employers should consider about the Occupational Scheme or Group Personal Pensions that the employer is offering or is going to offer.
The article is not technical but covers general points that EFPG believes to be the most relevant areas that should be reviewed.
For employees the article covers the points:
- How much will my employer pay into my pension?
- How much will I have to pay into my pension? Is this flexible?
- Will the combined contributions be sufficient to provide enough income in retirement? If not can you contribute more?
- Where is my money going to be invested?
- What costs will my pension face?
- How flexible is the arrangement? Are there any penalties for altering/stopping contributions? Can the pension be transferred? Can the arrangement be cashed in and invested elsewhere?
For employers the article covers the points:
- Should you offer your employees a pension scheme?
- If so how much should you pay into it?
- And at the end of the day will your employees thank you?
The full article is quite long but does give insight to the questions as posed above. If you would like to read it, please follow this link.