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The world is changing – so should your insurance

Sophie Foreman

The world is changing rapidly in a way that nobody could ever have expected, meaning your personal and financial circumstances are likely to have changed. It is important to regularly review all aspects of your finances and that includes reviewing your protection insurance, to make sure your policy provides adequate cover for your changing needs.

Underinsured If you don’t regularly review and update your policy, any pay-out you do receive from your claim may not be enough to cover you and your family’s needs if you were to die or if you are unable to work due to illness. Say you took out a life insurance policy covering you for a certain amount. After several years, you may have children, resulting in a move to a larger house. If you take a larger mortgage; your monthly outgoings would increase, and you would have bigger bills to pay. Therefore, the lump sum paid out to your family upon your death would no longer be sufficient to sustain their lifestyle and might leave them facing financial hardship.

New policies offer better protection Like any industry, the insurance industry has evolved over time. Modern policies can offer you better protection and more extensive cover. When comparing a critical illness policy sold in 2007 with one sold in 2017, the more modern policy may have better claims wording, provision for part-payment and other advantages. If you have simply been paying your premiums on the same policy for years, it is likely that, as well as facing the risk of being underinsured, you also won’t be benefiting from the kind of comprehensive cover offered by today’s policies.

Let us protect you With so many different types of protection insurance on the market, it’s not surprising that many people just stick with the cover they have. It may not be the best cover for them. We can assist you in finding the very best policies for your circumstances, so you have the peace of mind that you, and your family, will be protected should the worst happen.

Please note: Older policies may cover illnesses which modern policies do not.


Premiums may be cheaper due to the age of the policy. Certain cover may be

excluded on a new policy due to pre-existing conditions.

Always get professional advice when reviewing your insurance policies.

As with all insurance policies, conditions and exclusions will apply


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Approved by The Openwork Partnership on 05-12-2024

Woldingham Financial Services Ltd is an appointed representative of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority. Openwork Limited, Openwork Market Solutions Limited, Omnis Investments Limited and Openwork Wealth Services Limited are separate companies within the Openwork Group.  Openwork Market Solutions Limited is a company registered in England and Wales with a oompany registration number of 03799465, registered office Auckland House, Lydiard Fields, Swindon SN5 8UB

 

Openwork Limited is authorised and regulated by the Financial Conduct Authority, registered in England & Wales under registered number 04399725, Registered office Auckland House, Lydiard Fields, Swindon SN5 8UB

 

Omnis Investments Limited is authorised and regualted by the Financial Conduct Authority, reigstered in England & Wales under registered number 06582314, Registered office Auckland House, Lydiard Fields, Swindon SN5 8UB

 

Openwork Wealth Services limited is registered and regulated by the Financial Conduct Authority, registered in England & Wales under registered number 10266077, Registered office Auckland House, Lydiard Fields, Swindon SN5 8UB

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers in the UK.

Woldingham Financial Services is a registered company at Stac Pollaidh, Southfields Road, Woldingham, Caterham, Surrey, UK, CR3 7BG. The company number is 07409560.

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