John Astrup  - Investment Product Manager

Life circumstances change

If you’re shopping around for Life Insurance, you want to get it right. Take a look at these common mistakes, and how you can easily avoid them. Getting yourself covered with the right Life Insurance policy can seem a little daunting at first. After all, you’re getting yourself into a commitment which could potentially last for decades. You’ll be keen to avoid any potential tricks, traps or pitfalls which might await the unwary. Don’t worry, we’ll explain all here. Right here on Zurich Insights, you’ll find a list of ways to consider the cover that works best for you.

1) Choosing the wrong type of product

There are a variety of products, designed to match the unique needs of someone who wants life insurance. For example, Level Term Life Insurance could help protect your family long enough for children to grow up, but a Decreasing Term Life Insurance is usually purchased to run alongside a mortgage. There is also Whole of Life insurance to consider. Take a look at the protection and critical illness area ( of our website to see which may suit you best.

2) Not insuring for long enough

Life Insurance can be tailored to various different lengths and you could consider the length of time you would like to be covered for. Make sure your cover is going to last at least as long as needed. For example, if you’re taking out Term Life Insurance to ensure your newborn infant can always attend university, only insuring for 20 years could put them at risk if you were to die in their final year.

It’s impossible to predict what life might throw at you, so erring on the side of caution with the timing of your life insurance could give that little extra bit of security.

3) Insuring for the wrong amount

You could also consider the amount of cover that suits you so take a realistic look at the kind of lifestyle you want to protect for those you leave behind, and how that lifestyle might change over time (for example kids going to University is a big change), use that to assess how much cover you might need, based on the length of time you’d need to protect your loved ones’ lifestyle. You can use our online life cover calculator ( to easily check how much you might need, and how that could translate into premiums.

4) Failing to plan for a change in circumstances

With Life Insurance, it’s really for life, and life changes. Especially if you get insured when you’re younger, your cover might not account for some of the big developments along the way. Your insurance needs are almost certain to change if, for example, you were to get married, have children, or take out a mortgage. Those needs might change once again when your children grow up and fly the nest, or once your mortgage is paid off.

If possible, it could be a good idea to incorporate some wiggle room into your Life Insurance cover to account for things changing. This might concern the actual terms of the policy, or the amount you’re covered for. Either way, it could be a good idea to keep your options open.

5) Failing to pay your premiums

This might seem like an obvious one, but if you don’t pay your Life Insurance premiums, you’re not going to reap the benefits of cover. Often, it’s a simple oversight which leads people to default on their payments, and it’s easily corrected. For example, if you’ve got a regular bank payment set up to pay your premiums and you change banks, don’t forget to update things with your insurer.

If, however, you find yourself in financial difficulty and are no longer able to pay, don’t bury your head in the sand. Talk to your insurer as soon as possible if you suspect you might not be able to keep up payments and get the full details about what your options could be in that situation.

6) Forgetting who might become a dependent

Life Insurance isn’t really for you, as much as it’s for those you leave behind. Your spouse and children are the most obvious people you’d typically class as a dependent, but don’t let that limit your thinking when it comes to planning for the future. Being outlived by your parents is enough of a tragedy, but if you then weren’t around to care for them in their old age, that’s just one more thing on their plate which could potentially be avoided by making provision for them to be looked after in your Life Insurance policy.

7) Assuming Life Insurance just isn’t for you

If you want Life Insurance, don’t feel like it’s not an option just because of some circumstances which might apply to you. Your loved ones could thank you further down the line for making that first enquiry. Don’t think you can afford it? It costs nothing to get a quick quote and find out. Do you have a medical condition? We could help you. Do you work a hazardous job, or partake in a dangerous hobby? Here at Zurich, we’re no strangers to insuring others in your position.

8) Not reviewing your policy from time to time

Things change. Life goes on. What worked for you ten years ago in terms of career or relationships might not be the best fit today, and the same goes for your Life Insurance. It can be easy to just set it up and forget about it, especially if you go for Whole Life Insurance. However, by re-applying for Life Insurance, or checking whether it’s possible to adjust your cover, you could not only tweak the policy so it’s working as hard as possible, you could also save money. If you’ve given up smoking for at least a year, for example, it’s possible that you could lower your premiums by letting your insurer know.

Get Life Insurance right with Zurich

For the team here at Zurich, we want you to end up with the right Life Insurance to match your lifestyle. Use our free online quote calculator to take the first steps to financially protecting your loved ones and making sure that you become #ReadyForLife.

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