Protections | Human MOT
Just like the MOT, if you don't have one then you have no real idea of what risks you are taking driving your vehicle. The same happens when you do not have your existing policies reviewed - you simply do not know what kind of risks you are taking and what your options are.
Life insurance, for example, is a great way to protect your family and loved ones, but it is also an investment. On top of determining the risks, the "Human MOT" would help you find out if you qualify for a discount. Over a period of years, even a slightly lower monthly premium can yield remarkable savings.
There are many factors that are considered to determine the cost and cover. Many, there is not a lot you can do about it, but for some, you do have the power to influence the outcome.
The main factors are:
Age is the most important factor - a younger person is more likely to be making payments for many years to come. So, the younger you are the lower your monthly payments tend to be.
Gender is also a crucial factor since women statistically live longer compared to men. Because of that, insurance carriers typically offer women slightly lower premiums.
Are you a smoker? Your health, lifestyle, family medical history and even your driving record are the other key factors and apart from your own past medical history and your family medical history, you can influence this for lower premiums.
Life happens, and that is why we recommend setting a date, perhaps close to your annual car MOT time to also review your "Human MOT", so it is easy to remember and make sure your policies are all up to date and fit for purpose. Fantastic if they are, and it is equally good to find out what the risks are and what kind of opportunities they hold.
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
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