Whether you've bought your b r m bernard richards watches for sale first house ever, switched back to being an owner from being a replica watches china renter, or bought a second, third or fourth property ... everybody wants to know about it! There are tax considerations, investment returns and simple logistics to think about. However, it is also vital that you make the small but necessary adjustments to your life insurance, income protection insurance and trauma cover policies around the time of purchase, rather than waiting for something to happen to buy american watch co model 1860 you. Today we check out how you can modify life insurance, income protection insurance and trauma cover policies if you've just bought a new house.
House purchase and term life insurance Many life insurance policies allow you to increase your benefit amount when certain circumstances occur, without undergoing a new application or underwriting. This means that if you've bought a new house, you can increase your payout to cover the cost of the home without worrying that you may need to go through the entire application process again. Most insurance companies call this future insurability. House purchase and income protection insurance A new house means new expenses ... and that means that if you have income protection insurance, you'll want to maximize your benefit amount and minimize your waiting period to help stabilise your finances if cheap franck muller conquistador you get sick. Look carefully at your expenses, your spouse's replica girard perregaux lady f income and your savings and then think about: ? Reducing your waiting period for benefits to the minimum 14 or 30 days ? Switching to an agreed value rather than indemnity value policy. With an agreed value policy, you have the security of knowing your exact payout amount. With an indemnity value policy, if you get injured while roger dubuis sympathie online on leave or between jobs, your payout will be reduced to 75% of your last 12 months earnings. ? Increasing the benefit period to ensure that your protection will cover you for the long term if you are off work for a sustained period.
House purchase and trauma cover If you have a trauma cover policy, check with your insurer whether you can increase your payout amount to cover the increased loan amount created by your new mortgage. House purchase - considering mortgage protection insurance Mortgage protection insurance is specifically linked to your house repayments - and compared to life, income protection or trauma insurance, it allows you to maintain your former budget largely unchanged. Rather than increasing your life insurance, income protection or trauma insurance, it makes sense to simply cover your extra debt with a specific form of extra insurance! Pamela is a key figure in the Life Insurance field and has been writing finance related articles for several years.