New Year, same you but with life insurance

As another year comes to an end and the opportunity for a fresh start is just around the corner, it is only natural to consider what we could change about our lives in the coming year. 

If you have made any New Year’s resolutions, do they involve looking into your financial situation? If not, ask yourself why. Money is the leading cause of stress in UK adults but putting off delving into your financial situation can only cause more problems in the long run.* Starting is often the hardest part when it comes to most things. However, it is worth noting that financial protection is a great place to start when beginning to look into your finances as it lays a foundation of security in knowing your loved ones would not be financially burdened if the worst were to happen.  

Provider benefits - what can they do for you?

Did you know that you are entitled to free additional benefits with many life insurance providers? With modern day policies becoming more and more comprehensive, we are seeing life insurance providers realising the importance of making additional benefits readily available for their clients. 

AIG, one of the UK’s leading providers, offers SmartHealth to all of their clients which is a free service that offers health and wellbeing benefits 24 hours a day, 365 days a year. This service offers a myriad of assets including 24/7 access to a UK based GP, mental health support, a tailored health and fitness programme and much more. 

Royal London offer Helping Hand to their clients, an additional benefits service which offers dedicated nurses who are personal to you, they offer support and access to bereavement counselling if you need it. They can also recommend additional services if they think it is going to help, such as support for recovering from a heart attack, a second medical opinion and speech and language therapy after a stroke. 

Many other established providers also offer some added benefits at no extra cost, so as well as financial peace of mind, why not take advantage of these helpful perks?

Mental health 

Since the beginning of the pandemic, many people have started to realise the importance of their mental health. Awareness has shot through the roof in 2021 with so many people sharing their personal stories about their mental health struggles. 

Scottish Widows, who currently financially protect almost 6 million people, states that they offer cover to 95% of people who disclose a mental health condition.** Modern life insurance companies are becoming more inclusive of mental health which is so important and since the pandemic it appears more people are claiming for mental health on their life insurance policies. Zurich reported that claims on income protection policies caused by mental health doubled in 2020 demonstrating that the pandemic has had a huge effect on many people’s mental health.***

However, although mental health claims have been rising, providers are keeping in line with this by offering benefits that assist with mental health on their policies. Scottish Widows offer similar benefits to AIG’s SmartHealth but with an emphasis on mental health. Scottish Widows Care offers multiple services including benefits such as medical second opinions from UK based specialists, a full course of therapy, prescription delivery services and much more. Additionally, even if you are already receiving treatment from the NHS you could use these services alongside it.**

Getting financially fit

We spend a large portion of our lives earning money, however, much of the time we neglect to learn how to manage that money that we have worked hard for. There are many small changes that you can make in the new year in order to get financially fit. Instead of setting materialistic New Year’s resolutions that perhaps may fizzle out after a few months, why not set yourself some financial resolutions for the new year. 

Setting yourself goals for your finances is crucial if you genuinely want to make a change. Being consistent is key with any new intention and by seeing how much progress you’re making, it often encourages you to continue. For example, if you intend on saving a certain amount of money by the end of next year, why not get a big clear jar and regularly put the money you would like to save in the jar. This way you can physically see yourself getting closer to your end goal. 

By putting life insurance at the top of your New Year’s resolutions list, you are giving yourself financial peace of mind which is something that should not be delayed. 

Why review your cover?

If you already have a life insurance policy, reviewing your cover is essential to ensure that you have the correct amount of cover for your current circumstances. There are multiple conditions that could affect your need to review your cover such as moving house, getting divorced, starting or expanding your family, changing jobs and even quitting smoking. Failing to review your cover could result in you being either over or under insured. 

At Caspian, we have a team of review specialists who will evaluate your current circumstances and recommend the best cover type and amount for your current situation in life. 

This new year, do not delay making sure your loved ones are financially protected!

*perkbox.com
**scottishwidows.co.uk ***zurich.co.uk