You wouldn’t keep the same pair of shoes if they no longer fit – so why hold onto protection policies that no longer match your life? As we reach the midpoint of the year, now is a natural time to pause and ask: Does my current protection still reflect my needs, lifestyle, and responsibilities?
Protection That Changes With You
When you first took out life insurance or income protection, it was probably tailored to your circumstances at the time. But life rarely sticks to the script. In just a few months, the picture can look very different – your income may have changed, your responsibilities may have grown, or your health outlook may have shifted.
Think about where you were a year ago compared to now. Are you earning more? Paying off a mortgage? Juggling family life with a new business venture? Each of these developments doesn’t just change your day-to-day—they alter what you need from your financial safety net.
Protection should evolve alongside you, not lag behind. An outdated policy might leave gaps at the very moment you need it most, or mean you’re paying for cover that no longer suits your priorities.
What “Right Fit” Protection Looks Like
Being protected is not the same as being properly protected. The right fit should balance affordability with the coverage your lifestyle demands. Here’s what that might look like:
1. Income Protection
If illness or injury stops you from working, would your savings stretch far enough? Income protection can help cover your living costs, mortgage payments, or childcare so that financial pressure doesn’t add to an already stressful time. This is especially crucial for self-employed professionals and business owners without built-in sick pay.
2. Life Insurance
This isn’t just about covering funeral costs, it’s about making sure your family can stay in their home, continue their education, or maintain their quality of life if you’re no longer there to provide for them. If you’ve recently taken on a mortgage or expanded your family, it’s time to re-evaluate your life insurance needs.
3. Critical Illness Cover
A serious illness can put unexpected pressure on your finances, especially if it affects your ability to work or leads to extra expenses. Critical illness cover provides a lump sum, giving you breathing space to focus on recovery, adjust to new circumstances, or take time away from work without added financial strain.
4. Private Healthcare
While public healthcare remains accessible, many families are now turning to private cover for faster treatment. If your household is growing, or if a recent health event has changed your outlook, it may be time to explore a healthcare policy that better meets your expectations.
Don’t Let Outdated Policies Undermine Your Resilience
Financial resilience isn’t just about having savings. It means being confident that you and your family are protected if the unexpected happens. But that resilience only holds if the foundations are strong, which is why it’s so important to review your protection regularly.
At Osborne Financial, we’re not tied to specific insurers. That means we can assess your existing policies, identify any gaps or overlaps, and recommend better-fit solutions if needed.
Let’s Make Sure Your Cover Still Fits
A quick review can bring long-term peace of mind. Whether you need to update your life insurance, consider income protection, or explore options for private healthcare, we’re here to help.
Contact Osborne Financial to book your protection review.
The information provided in this article is for informational purposes only and does not constitute financial advice. Please consult a qualified financial adviser to discuss your specific circumstances.
