Protection policies: are your customers still covered for the life they live today?

Years after a policy has been arranged, many customers find themselves in very different circumstances. Their income may have changed, their mortgage balance or term is likely to have changed, they may have taken on new financial commitments, or their family situation may look completely different. Yet many protection policies remain untouched from the day they were first put in place.

For advisers, this presents an important opportunity. Regular protection reviews can help ensure existing arrangements remain aligned to customers' needs, while reinforcing the ongoing value of advice.

Why regular protection reviews matter

Protection needs are not static. A solution that was suitable even a few years ago may no longer provide the right level or type of cover today.

Customers are often surprised by how much their financial position has evolved. Rising living costs, higher incomes, larger financial commitments and changing family responsibilities can all create new protection gaps.

Without regular reviews, customers may find themselves:

• Underinsured due to inflation or increased earnings
• Holding cover that no longer reflects their priorities
• Missing opportunities to enhance their protection
• Unaware of valuable benefits available through modern policies

Regular reviews help ensure protection keeps pace with changing circumstances and can provide reassurance that customers and their families remain financially resilient should the unexpected happen.

Life changes that should trigger a review

Many significant life events can alter a customer's protection requirements.

Some of the most common include:

Changes in family circumstances

Marriage, divorce, cohabitation, having children or becoming responsible for elderly relatives can all affect the amount and type of cover required.

For example, customers who have become parents may need additional life cover to protect growing financial responsibilities. Equally, some customers may need to review beneficiary arrangements to ensure policies are aligned with their wishes.

Changes in employment or income

A promotion, career change or move into self-employment can create new financial risks and opportunities. Customers with higher earnings may need increased protection levels, while self-employed individuals may become more reliant on income protection to safeguard their lifestyle if illness or injury prevents them from working.

Mortgage and debt changes

Many customers arrange protection alongside a mortgage. However, additional borrowing, house moves or home improvements may increase outstanding debt and create a need for additional cover.

Conversely, customers approaching the end of their mortgage term may have opportunities to reassess their protection priorities.

Changes in health

Health changes can impact future insurability. Reviewing existing arrangements can help ensure customers understand what cover they already have in place and identify any potential gaps before circumstances change further. Where a change in health results in new policies being rated or even declined, understanding the flexibility and increase options available in existing policies can still help to address new or evolving needs.

Key questions to ask during a review

A protection review does not need to be complicated. Often, simple questions can reveal whether cover remains fit for purpose.

Consider discussing:

• Has your income changed since you took out the policy?
• Have your monthly outgoings increased?
• Have you made any changes to your mortgage borrowing amount or term?
• Have there been any significant family changes?
• Would your family have enough financial support if you died or became seriously ill?
• How long could you maintain your lifestyle if you were unable to work?
• Have your future plans or retirement goals changed?
• Do you have other protection arrangements through your employer?

These conversations can help customers understand protection as part of a broader financial resilience strategy, rather than simply a product purchased years ago.

Don't overlook valuable policy features

A protection review is also an opportunity to remind customers about features that may already be included within their policy and discuss whether any changes could help keep their cover aligned to their circumstances.

For eligible Zurich customers, the Milestone Benefit can provide valuable flexibility when life changes. Customers under age 55 may be able to increase their cover following certain significant life events without providing further medical evidence. Qualifying events can include getting married, having or adopting a child, increasing a mortgage, divorce or separation, or receiving a significant salary increase. This can be particularly valuable for customers whose protection needs have grown since they first took out their policy.

Regular reviews can help identify whether customers have experienced one of these milestone events and whether they could benefit from increasing their cover accordingly. The ability to adapt cover following major life changes can help ensure protection keeps pace with evolving needs without the concern that changes in health may affect future insurability.

Review meetings also offer a natural opportunity to discuss other policy features and benefits that customers may have forgotten about or may not fully understand.

Depending on the policy, this could include:

• Children's Cover or Children's Enhanced Cover
• Pregnancy and Early Childhood Cover
• Zurich Accelerate
• Multi-Fracture Cover
• Waiver of Premium
• Trust and beneficiary arrangements

Not every option will be suitable for every customer, but revisiting these features can help ensure protection continues to reflect changing needs and circumstances. Customers often remember the headline cover amount but may be less familiar with the additional support and flexibility their policy provides.

Looking beyond the sum assured

While cover levels are important, reviews also provide an opportunity to revisit the wider protection solution.

Protection products have evolved significantly in recent years. Many policies now include or allow customers access to added-value services and support that can provide practical help long before a claim is made, or even fast track a diagnosis and the ability to access the right treatment and cover its costs.

By taking the time to review policy features, customer objectives and future plans, advisers can help ensure customers get the greatest possible value from their protection arrangements.

These conversations can also highlight opportunities to strengthen financial resilience, particularly where customers have experienced significant life changes since their cover was first arranged.

Turning reviews into stronger customer relationships

Protection reviews are about more than identifying gaps in cover. They demonstrate ongoing care, maintain engagement and help position advisers as trusted partners throughout a customer's financial journey.

In an environment where customers face changing economic conditions, evolving family dynamics and increasing financial responsibilities, regular reviews provide a valuable opportunity to maintain relevance and deliver meaningful outcomes.

Most importantly, they help answer a critical question: if life has changed, will the protection put in place years ago still provide the support customers and their loved ones would need today?

By making protection reviews a regular part of customer servicing, advisers can help ensure that protection remains aligned with the realities of modern life. Whether it's identifying a protection shortfall, making use of a valuable feature such as Milestone Benefit, or reviewing additional benefits and support services, these conversations can help customers feel confident that their cover continues to meet the needs they have now, not just the needs they had when they first took it out.

Adviser action points

When reviewing existing protection cases, consider:

• Reviewing cover levels against current income and expenditure
• Checking whether family circumstances have changed
• Assessing mortgage and debt commitments
• Revisiting income protection and critical illness needs
• Reviewing eligibility for Milestone Benefit following significant life events
• Reviewing trust and beneficiary arrangements
• Highlighting additional services and benefits available within existing policies
• Agreeing a regular review schedule to keep protection on track

A simple conversation today could help prevent a significant protection shortfall tomorrow.