If you are moving to a new job, you’re probably thinking about lots of things. Will you have a new commute? Will there be new systems to get to grips with? What will your new coworkers be like?

But have you thought about what it might mean for your insurance?

Here are a few things to consider.

Has your income changed?

One of the big things to think about is whether your income has changed. Sometimes, moving to a new job comes with a pay bump. If yours has lifted, you might need to rethink some of your cover.

It’s likely that your lifestyle will adapt to your new level of income, so if you want to be able to continue with that no matter what, it might be time to increase your cover. 

Your income protection or mortgage and rent cover is a good place to start when making this adjustment, but you might also like to think about whether your amount of life cover remains appropriate. These are all questions that we can talk through with you, as your insurance advisers.

Are you undertaking any risky activities?

Depending on your new role, you may be moving into an area where there are more risks than you had previously. 

That could be that the job itself is risky – maybe you’re a skydiving instructor! – and your insurer might want to know. 

Alternatively, you may just be moving into a more physical position where you’re on your feet more often or exerting yourself more in the course of your role. That might mean that you have less capacity to “work through” an illness.

This is a good thing to chat through with your adviser, who can guide you on what adjustments might be appropriate.

Is your family relying on you more?

If moving to a new job means moving to a new area or another big change for your family routines, it might be that you’re going to be the only income-earner for a while. This may mean the family is even more reliant on your income than normal. In that case, it could be time for a general check-up to make sure your financial protection is sufficient.

Does your employer offer any insurance incentives?

Some employers offer their staff support to take out insurance – sometimes in the form of fully or part-funded insurance. 

Check whether your new employer offers group health cover as part of your contract, for example, or any subsidies for other cover you might take out. This can help you to identify what gaps in cover you might have, and how to maximise what’s available to you.

If your previous employer offered cover that your new job does not, we can help you work out how to navigate this.

Ready to talk?

A new job can be a great time to take stock of your financial life. If it’s time for an insurance checkup, get in touch with us. We can help you ensure that your cover keeps up with your life, no matter what stage you’re at.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.