When you buy a house or flat, your expenses will change. It is therefore a good idea to check your pension scheme and insurance policies to make sure that your financial situation - both today and later on - matches your lifestyle in the best possible way.
New home - new pension scheme?
Moving house might increase or decrease your expendable income and will change your view of the level of income you would like to receive in retirement. Now it is high time to check your pension scheme carefully. Maybe the amount you contribute every month needs to be changed. You can raise it or - if your budget allows it - lower it to suit your needs when you retire.
New home - new insurance policies?
You may also need to adjust your insurance policies. Consider, for instance, whether you can afford to keep your flat if you lose your earning capacity and whether you can stay in the house if your partner dies prematurely. Maybe you need to increase the sum insured under your insurance policies to ensure they provide adequate cover if something happens to you. If your new home is more expensive or cheaper than the old one, you can check your insurance policies to see whether you have to raise or lower the sum insured to remain sufficiently covered.
Talk to us when you buy a new home. We can help you gain an overview of your options and will be pleased to advise you on how to make the most of your pension savings and insurance policies.