Save money this Christmas – now’s the time to review your insurance options

Are you looking to save some cash in the lead-up to Christmas? You might be tempted to cancel your insurance premiums in a bid to free up some last-minute money, but that could be a significant financial misstep. Instead, you should consider reviewing your insurance to see if you’ve still got the right policy for your current needs. You may find that there are some clear savings to be made, that could retain your financial protection, yet free up some cash to boost your Christmas savings pot.

Is it possible to review life insurance plans?

One of the biggest misconceptions about life insurance is that it’s a one-time purchase that must match your needs for the rest of your life. But life can change. You may have got married (or divorced). Perhaps you’ve begun a career or changed jobs. You may have a family; the kids may have left home… We’re realistic. We know that if you’re taking out a 30 or 40-year term insurance plan, your life will be vastly different at the end of that policy term from when you first took it out. Insurers are realistic as well. That’s why life insurance plans are flexible. You can adjust your level of cover, the length of your policy or even switch to a different provider, with minimal fuss. The good news is that reviewing your life insurance could give you some options to save money during the most expensive time of year.

How often should you review your life insurance?

We know that talking about your insurance is something you’re probably putting off. But in an ideal world, you should review your insurance every one or two years. That’s because a lot can change in that timeframe. We want to make sure that you’re not over-insuring or under-insuring yourself. By taking a few moments each year to check if anything significant has changed in your life (perhaps you’ve paid off the mortgage, or you’ve started a new job), you can check you still have the right protection in place.

You could save money by switching to a different policy

If you’re ready to review your policy, you could find that it could save you money on your yearly policies. With our help and support, we can review your policy to see if it still offers you value for money. We can check if any other policies could offer you more protection, for lower premiums. Or we could adjust the amount of cover or policy term and see how much impact that makes for you each month or year. We know that right now, times are tight. You might be tempted to cancel your policy outright to save money. But there’s no need, especially when we can conduct a quick and easy review to see if we can save you any money.

Reviewing your life insurance could give you access to value-added extras

Another bonus of reviewing your life insurance is to see if we can match you to a policy that offers additional extras, increasing your value for money. For example, many providers are now offering incentives and value-added services which can save you money elsewhere. It’s not uncommon to be able to earn loyalty points or incentives for initiatives such as cinema tickets, restaurant vouchers, shopping vouchers – even discount codes for high street retailers. These could save you big sums of money in the run-up to Christmas, especially if you save your loyalty points over the year. It’s not too late to save money by reviewing your insurance plans this Christmas. Talk to us to discover how we can help you make the most of your budget.