If you’re going through a separation or other relationship change, you’re probably making a lot of adjustments in your life. As you negotiate the transition, it may be good idea to add insurance to your list of things to check in on.

Here are some things to think about.

Changes to your income, debts and responsibilities

The first thing to think about may be how your financial life has changed.

Is your household income likely to be different in the future? Will you have the same level of debt as you had previously? How will your other financial responsibilities alter?

If you’ve now got a mortgage on your own, for example, you may be thinking about how you’ll ensure you can keep paying that, no matter what life sends your way. If you used to be a double-income household and you’re now relying only on what you earn to pay the bills, that may also mean your need for insurance is elevated.

This may be a great time to sit down with your SHARE insurance adviser and assess what’s changed, and what that may mean for your personal risk and insurance needs.

Policy ownership and premium payments

Another important consideration is who owns your policy.

We can help you review your policy ownership and premium payment arrangements to make sure they still reflect your current circumstances. Many couples own each other’s life insurance policies and jointly pay the premiums, which can make things easier if a claim needs to be made. If your relationship status has changed, however, it may be worth reviewing whether the current ownership and beneficiary structure is still appropriate. We can help you assess your options and make any necessary changes.

This could also be a good time to undertake a wider review of your estate planning with your legal adviser.

Are adjustments necessary?

Many people who move to a single income want to reduce their costs as much as possible, but there are good reasons to think carefully before changing or cancelling your insurance cover. While you may need to adjust your budget to fit your new financial situation, things like income protection cover can become extra important if you no longer have a partner’s income to rely on. Life insurance may also be particularly vital if you’re worried about what might happen to your children if you were no longer around to provide financially for them.

Your SHARE adviser can help you check the policies you have and decide whether adjustments are needed. We can also help you assess the risks you need to cover and which insurance needs are your priority.

Before cancelling any insurance it’s worth getting advice about the potential long-term consequences. If you need cover again in the future, any changes to your health could result in exclusions, or mean that you are unable to secure the same level of cover or policy terms.

Advice helps

Separation or relationship changes are big life events and it makes sense to take some professional advice to ensure that your insurance is structured appropriately. We are here to help with any questions you may have, whether you want to adjust your cover, expand your protection or just ensure it is appropriately tailored for your current needs.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.