A concerning number of people have insurance policies that they have forgotten about or can’t access, potentially missing out on vital financial support.
A concerning number of people have insurance policies that they have forgotten about or can’t access, potentially missing out on vital financial support.
Why Dormant Life Insurance Policies Are a Growing Concern
It is estimated that 3.4 million life insurance policies are dormant in the UK, valued at £8.1bn. This works out at an average of £2,366 per policy, which is the equivalent of two months average mortgage payments. Many policyholders may not realise they could have financial support available when it’s most needed.
How Life Changes Can Cause Policies to Be Forgotten
Policies often become forgotten about as life changes; moving house, getting married, going through a divorce or simply misplacing paperwork are all common examples. It’s therefore essential to review existing policies to make sure you don’t miss out on any claims you’re entitled to.
The Importance of Regular Policy Reviews
By reviewing your insurance policies regularly, it ensures that you know exactly what cover you have and you can claim on any entitlements when needed. Even if you think that you’re fully protected, a review can help you:
- Identify any gaps in your cover
- Update outdated beneficiaries and policy details
- Make sure that your cover reflects your current circumstances.
A review isn’t just about peace of mind, its about making sure you have financial security when you need it most.
A review can highlight forgotten or unused policies and help you maximise their benefits. Understanding what you have also makes it easier to plan for the future and make informed decisions about additional protection you may need.
Protect Your Tomorrow - Get in Touch for a Protection Review
We can’t predict the future but one thing we can do is plan ahead. When the unexpected happens the last thing, you want to be doing is worrying about your financial situation. Making sure that you have that all important protection policy in place will allow you to have the reassurance that if the worse does happen, you are able to protect and look after your loved ones.
When you’re ready to discuss, we’re ready to listen and guide you through the process. Let us help you protect your world.
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.
