New year 'health check' should include life cover

04 February 2010 08:42:20

People should reassess their financial protection in the new year.

Consumers often reassess their finances at the beginning of a new year and the consideration of life insurance and other forms of protection should be included in this process, an expert has said.

Peter Hamilton, protection management director at life insurance provider Zurich, suggested that many consumers are too busy worrying about paying the bills to think about looking for life insurance quotes.

Despite this, Mr Hamilton claimed that at the start of a new year, "inevitably people are more likely to review their finances".

This may be particularly prudent this year, as analysts have predicted a fragile recovery for the UK's economy, which has only just managed to creep out of recession.

"It is more important than ever that individuals and their families, as well as business owners, seek advice to ensure they have appropriate cover in place to protect themselves against the financial consequences of long-term sickness, a critical illness or even death," Mr Hamilton insisted.

Life insurance is particularly important for parents as it ensures that their surviving partner and children will not face financial insecurity in the event of their untimely death.

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