Why Your Old Cover Might Be Costing You and Leaving You Underprotected
Most of us take out financial protection at key moments in life, buying a home, starting a family, or setting up a business. We sit with the bank, sign the paperwork, and tick it off the list. Job done, right?
The problem is, the cover you set up years ago may no longer match your life today. In fact, in many cases, people are paying more than they should for less protection than they need.
The Hidden Cost of “Set and Forget” Policies
We see it time and again: someone takes out a mortgage protection or life cover policy through their bank and never looks at it again. Years later, they’re surprised to learn:
The policy hasn’t kept pace with their family, income, or business changes.
They’re paying more than they should for the level of cover in place.
The structure of the policy (for example, a basic “joint life” policy) leaves them exposed compared to alternatives.
A simple review can often mean better cover at a lower cost, without changing your provider or your peace of mind.
Life Changes, So Should Your Protection
Think about what’s happened since you first set up your cover:
Have you had children or taken on new financial commitments?
Has your income grown, or are you running a business now?
Is your mortgage smaller (or larger) than when you started?
If your answer to any of these is yes, there’s a good chance your current policy no longer lines up with reality. Protection should be personal, not “one size fits all.”
Three Quick Checks to Know if It’s Time for a Review
At Blue Chair Financial, we suggest asking yourself:
Was my cover arranged through my bank?
Banks often sell the most basic version of protection, which may not represent best value.Has it been 5+ years since I last reviewed it?
Providers change their pricing and products all the time. What was competitive then may not be today.Has my life changed significantly?
A growing family, new business responsibilities, or changes in income can all mean your cover needs an update.
If any of these ring true, it’s worth reviewing your plan.
How We Can Help
At Blue Chair Financial Ltd, our role isn’t to sell you a product, it’s to help you feel confident that you, your family, and your business are protected.
We do this by:
Reviewing your existing cover to see if it still fits.
Comparing alternatives in the market for value and strength.
Explaining the differences in plain English so you can make an informed choice.
Sometimes that means making a switch. Sometimes it means confirming what you have is still right for you. Either way, you’ll have clarity and peace of mind.
Take the First Step
If you’re not sure whether your old cover is costing you, or leaving you exposed, the simplest step is a quick review.
We offer a free 30-minute consultation to help you understand where you stand and what options are available. No pressure, no jargon, just clarity.
Message us here or visit www.bluechairfinancial.ie to book your review.
Because life doesn’t stand still, and your protection shouldn’t either.
