Life insurance warning for honeymooners

Thu, 05 Oct 2006

Newly married couples have been warned that they may need to review the protection requirements on their life insurance plans.

Although many newlyweds will have some form of life insurance cover in place, "this is not an excuse for complacency" claimed HSBC.

Events such as buying a property, getting married or having a child are classed as "life event triggers", which can impact upon the way a life insurance provider views the policy, the company asserted.

However, many life insurance policies have guaranteed insurability options, which enable policyholders to increase the term or level of cover without the need for further medical underwriting.

Dennis Smith, head of insurance propositions at HSBC, said: "Our protection needs evolve as we grow more financially astute and ensure we have adequate protection in place.

"This is particularly relevant with the current trend to buy a property before getting married, something that has seen a 15-fold increase over the last 30 years."

HSBC is one of the largest providers of financial services in the world, offering a range of insurance products to its customers.


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