Big occasions and small changes.
3 life events when you might forget to update your insurance.


The Scouts were onto something when they adopted ‘Be Prepared’, as their motto. However, as much as we’d love to live by this pearl of wisdom, life just doesn’t always go to plan.

Big changes or big surprises happen and, in the chaos that follows, it’s easy to overlook the little things… like updating your insurance policy. So here’s another motto to consider: “When life changes, insurance policies should probably change too”.

Significant changes relating to your home, job or health could render your insurance inappropriate to your current needs.

Yes, we know policies can be confusing and lengthy documents – and taking the time to read and digest all that small print often falls into the too-hard basket. But it’s important to understand your insurance policies. Then if your circumstances change you’ll know whether or not the policy needs updating.

Significant changes relating to your home, job or health could render your insurance inappropriate to your current needs. Quite simply, you may not be covered for new assets (or loss of income) that may have previously been acceptable. And if you are in the middle of dealing with a major event the last thing you want is to be told your insurance policy doesn’t cover you as expected.

When things go wrong and you need to make a claim you want things to happen quickly and easily. So make a note on the calendar to review your insurance policies every year. That way you’ll be covered for any big life events that may occur during that time.

The good news? We look to review the policies of our clients annually. We’ll be in touch with a reminder to help out here.

Here are three common life events that will mean it’s time to update your insurance cover.


  1. Having a baby

Congratulations, it’s a … good time to review your insurance policy. You can add a child to your existing policy before they are three months old with no major hassle.

It’s an easy process and the insurance underwriter can add them without the need for further comprehensive checks. For some insurers however it is longer than three month. At Eric James & Associates we always you check with your advisor to make sure.

The arrival of your bundle of joy may also cause a change in household finances. One partner may take a prolonged period off work or stop working entirely, which will affect policies relating to mortgage cover or income protection. Sleepless nights are no excuse for not updating the insurance policy when a new baby comes along.

  1. A new property purchase

A new house may very well mean a bigger house. And this means a bigger mortgage. So this is an important time to look at all of your personal insurance cover.

Moving house is one of the most stressful things we do in life, but don’t let the job of updating your insurance slip your mind. It is easier to make changes to a policy and increase cover if done within six months of the property purchase. So, before you start unpacking boxes, start checking your insurance documents.

  1. A change of job or salary

A change in career or a promotion could mean a pay rise too. This is the perfect time to review your insurance policies to ensure they still meet your requirements.

It’s not just promotions or pay rises that should prompt a review, it’s also when things go the other way and you find yourself facing job loss or redundancy. This can be a stressful time, so ease some of the pressure by making sure you are still covered for peace of mind. Today we are seeing many workers experiencing temporary changes to their working hours or pay rates; you will still need to let your insurance advisor know so you are covered.


Your insurance company should send a reminder when your policy is up for renewal. Make sure you’re one step ahead by keeping policies updated at all times.

When these situations change a good insurance advisor will work hard to find the best options to meet your current situation, even if it’s likely to change in the future. Make a habit of revisiting your cover and ensure your policies are keeping up with your big changes and big surprises.

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