Career changes can be exciting, and they can also bring changes to your financial situation and protection needs. If you’ve taken on a new role, gone out on your own, or received a pay increase, now might be the perfect time to review your personal insurance.
Here are some key questions to help guide your thinking.
Has your income changed?
Your income is often one of the key drivers for your insurance cover, especially for income protection. If your earnings have increased, you may want to ensure your cover reflects your current income. Similarly, if you’ve moved to self-employment or contract work, your income may now be less predictable, which could affect the type of financial protection that fits your situation.
Have your financial responsibilities shifted?
A change in role or income can also bring new financial commitments, such as a larger mortgage, providing financial support for family members, or new lifestyle expenses. It’s worth checking whether your life cover and other insurances still provide the right level of protection for those who depend on you, and for your future plans.
Are your benefits still suitable?
If your new role includes insurance through an employee benefits package, it’s a good idea to review the details. Some work-based cover may not be sufficient for your needs, or may not be portable if you change jobs again. An adviser can help you assess how your work benefits fit with your overall protection strategy, and whether additional personal cover could be worthwhile.
Talk to your adviser
If your working life has changed recently, or is about to, it’s a great opportunity to check in with your insurance adviser. They can help you review your current cover, understand how it fits with your goals and responsibilities, and make adjustments where needed to help protect your future.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.