We often book our car in for its annual MOT or visit the dentist for a yearly check-up, but how often do you give your financial protection the same attention?

The truth is, your Life Insurance, Income Protection, and Critical Illness Cover policies aren't set-it-and-forget-it items. They are living documents that need to evolve as your life does. That's why, at Goodniss, we champion the Annual Financial Health Check.

The Risk of Stagnant Protection

When you first took out your policies, they perfectly matched your life circumstances: your mortgage size, your income, and the number of dependents you had. But what happens when a significant life event shifts your financial picture—perhaps a fantastic career step, or a challenging new debt commitment?

If you haven't adjusted your cover, you could be facing one of two risks:

1. Under-Insurance: If your cover hasn't increased, it may no longer be enough to clear a larger mortgage or replace a significantly higher income. This critically undermines the purpose of having the policy.

2. Over-Paying: If you've paid off large chunks of debt or your children are now financially independent, you might be spending too much on cover you no longer require.

This is where Richard Hadley and the team step in.

🏡 👶 The 4 Financial Milestones That Demand a Review

Your life is defined by milestones, and each one has a financial ripple effect that impacts your protection needs. Richard always encourages clients to get in touch immediately after one of these occurs:

1. The New Home or Remortgage 🏠

• The Change: You’ve moved house and have a larger mortgage, or you’ve remortgaged for home improvements.

• The Review: Your decreasing term life cover is designed to pay off your original loan. If your debt has increased, your original policy simply won't be sufficient. Richard will ensure your new mortgage amount and term are accurately reflected in your cover, providing true peace of mind.

2. The New Arrival (or Departure) 🍼

• The Change: A new baby arrives, or perhaps a child leaves university and is now financially independent.

• The Review: A new child means a dramatic increase in the amount of income you need to replace if the worst happens. Conversely, if your children no longer rely on you, you might be able to reduce your cover (and premium) or look at shifting focus to estate planning.

3. The New Job or Pay Rise 💼

• The Change: A promotion, a move to a new company, or a substantial annual pay increase.

• The Review: If you have Income Protection, this is critical. Most policies are designed to replace a percentage of your salary (usually 60-70%). If your income has significantly increased, your existing policy will leave a large financial gap. Richard can help you increase your benefit to match your new earning potential, securing your current lifestyle.

4. The Business Expansion (or New Partnership) 🤝

• The Change: Your business grows, you hire a new key team member, or you take on a new business partner.

• The Review: If your business is suddenly worth more, your Key Person Insurance should reflect that. If you bring in a new partner, Richard will help you set up or adjust Share Protection and Relevant Life Plans to ensure the company—and its founders’ families—are secure.

Richard Hadley: Your Financial Review Partner

When you have your annual review with Richard, you’re not just looking at numbers; you’re confirming that the safety net you put in place is still strong enough for the person you are today.

He will systematically review:

• Your Policy Terms: Are the years covered still appropriate for your remaining mortgage or working life?

• The Level of Cover: Does the payout amount still cover your total debts and expected family expenditure?

• Policies in Trust: Are your policies written into a Trust to ensure the payout is fast and tax-efficient for your family? (This is a small but monumental detail).

Life evolves, and your financial protection must evolve with it. Don't wait for a crisis to discover your safety net has holes. Book your Annual Financial Health Check today.

Call Richard Hadley and the Goodniss team on 01625 682 538 or enquire through the contact page to ensure your financial future is protected, whatever life brings.

Goodniss is a trading style of Mortgage Connect (NI) Ltd. Richard Hadley is authorised solely for protection and general insurance advice. We do not offer direct regulated advice on tax, investments, or pensions. All services are offered either directly or on a referral basis to appropriately authorised professionals.