Many years ago, perhaps following the birth of your first child or when arranging a mortgage, you may have taken out some life insurance to cover both you and your spouse. However, have you since reviewed the level of life cover that you have in place to see if it is still adequate to meet your needs? You would not be alone if your response was: “No”.
When did you last review the level of life insurance that you have in place?
You really should consider contacting the likes of an independent financial adviser to do just that. He or she will sit down with you both to undertake a detailed review of your current personal financial situation and look at the level of life assurance that you have in place and then make suitable recommendations as to the most suitable course of action. It is then up to you to decide if you wish to follow any recommendations made or not.
If the advice you receive is that the life cover that is presently in place is more than adequate to meet your present requirements then you will at least have peace of mind in that respect. If not, it gives you the opportunity to consider doing something about it to remedy the situation.
It may be that your personal circumstances have changed significantly since you last arranged any life insurance. For instance, at that time, you may have been employed and your employer may have provided a very good death in service benefit scheme whereby they provided 4 times your salary as a lump sum to your spouse if you were to die. If you have left that employer and are now self-employed did you do anything about replacing that lost death in service benefit? Many do not as they feel that they have more pressing priorities when embarking on a new business venture but that is perhaps rather short sighted.
So, why not make one of your New Year resolutions to review the level of life cover that you have in place. You owe it to your family.