Unless you know what you looking at, this is like playing Russian Roulette with your family and finances!
If your work does offer the correct cover then there is no problem whatsoever, HOWEVER….
It’s a common assumption: “My work benefits include life cover, so I’m sorted.”
But too often, people find out too late that the cover they’ve relied on doesn’t provide what they thought it did.
As a professional advisor, I always urge my clients to carefully review the details of any protection they have in place — especially if it’s arranged through an employer or bundled in with a mortgage. These policies can seem reassuring on the surface but may fall short when you really need them.
Here are a few key questions to ask yourself:
1. Is the policy in both names, and does it include critical illness cover?
Most employer or lender-provided cover is life only and often only for one person. While life cover is important, critical illness cover is often the most claimed and arguably the most valuable. You’re far more likely to suffer a serious illness than to pass away during your mortgage term — and critical illness cover is what gives you the financial breathing space to focus on recovery rather than worrying about how the bills will be paid.
2. Does the amount of cover match your full mortgage?
Death-in-service benefits are typically three to four times your salary — but is that enough to fully repay your mortgage? If not, there could be a shortfall.
3. Does the cover last for the full mortgage term?
You may need cover for 20, 25, 30 or even 35 years. Work-based policies don’t always align with this and often end when your employment ends.
4. What happens if you change jobs or stop working?
If your cover is tied to your employer and you leave the job — whether by choice, redundancy or retirement — the policy usually ends. Replacing it later could be much more expensive due to age or changes in your health. In some cases, you might not even qualify for new cover, leaving you and your family exposed.
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I would hate for something to happen and you were left uninsured or under insured, as the consequences could be financially devastating to you (and/or your family).