You move in together – remember to change your insurance

Cover on death provides financial security for your partner if you die before you retire. When you are not married, you need to make sure that you are financially secure if either of you loses earning capacity or dies before retirement age.

If you have just moved in together, you have to make sure that your partner is nominated as ‘named beneficiary’ of your pension scheme. Otherwise, your pension will be paid to your ‘next of kin’ if you die before retirement age – and that will often be your parents or children.

If you have lived together for two years or if you are expecting or have a child together, your partner will automatically become your ‘next of kin’.

You should also take out cover for reduced earning capacity which will provide monthly benefits if your earning capacity is reduced because of illness or accident.