Life cover that still names the wrong beneficiary

Protection policies are easy to buy and easy to forget. We regularly open files where the sum assured no longer covers the mortgage, or the beneficiary field still lists a former partner.

Start with liabilities, not premiums

List the debts and income that would need replacing if someone died or could not work: mortgage balance, childcare costs, business loans personally guaranteed. Compare that list to the sum assured on each policy. Premiums that look “cheap” are irrelevant if the cover is short.

Trusts and probate delays

Policies written in trust can pay more quickly and keep proceeds outside the estate for inheritance tax purposes in many cases — but only if the trust wording is current. A protection audit checks whether the trust still names the right trustees and beneficiaries.

Income protection gaps at career changes

Leaving employment often ends group income protection. Freelancers and directors sometimes discover the gap only after a health scare. If your work pattern has changed in the last three years, ask for the schedule and check the deferred period and definition of incapacity.

A short cover audit is usually enough to surface these issues before a claim is ever needed.