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Your life insurance checklist for every stage

Life’s a rollercoaster and your financial needs change at every turn. Life insurance might not be the most exciting discussion or investment, but it is one that can truly be adapted to protect you throughout your journey in life.

The main purpose of life insurance is to provide financial cover for your loved ones if you pass away. But some life insurance policies offer benefits on top of death benefit payouts. For example, terminal illness cover is commonly included in a life insurance policy.

STARTING OUT
Loved up and budget savvy?

  • Newlyweds
    Even without a mortgage, there are shared debts, rent, credit cards, university and other on my desktop loans that we accrue when we are younger. A small life insurance policy can help if one of you unexpectedly passes or experiences a serious illness. This is not just for the main income provider either. Both should consider what debts you would want paid if your significant other was no longer here. Make sure the type of insurance you have matches the specific risks you face. For example, a basic liability policy might not cover certain specialised activities or expensive types of damage. Researching and selecting appropriate coverage is crucial.
  • Pre-kids planning
    Locking in coverage early means potentially lower rates for life. Consider coverage that can grow as your family does.
  • Budget conscious
    Term life insurance offers high cover for lower premiums and is ideal for younger couples when protection is most crucial.
  • Critical illness cover
    The chances of serious illness rise mid-life. This type of coverage can ease financial burdens during treatment.

FAMILY LIFE
When responsibilities multiply

  • Mortgage mayhem
    That dream home comes with a big debt. Make sure your coverage can clear it if something happens to either partner.
  • Dependants = increased need
    Review your coverage EVERY time your family grows. Ensure payouts can cover the mortgage so that your family does not lose their house. Your children’s education and lifestyle should also be maintained as you would hope they would.
  • Income protection
    If illness or injury prevents you from working, this type of insurance helps to replace lost wages, not just offer a lump sum.

MID LIFE
It’s not just about death anymore

  • Beneficiary checkup
    Divorced, second families?
    Make sure your policy still reflects your wishes if the worst happens. You want your policy to land in the right hands.
  • Building wealth
    Some policies, like income protection, offer tax advantages while building your nest egg.

PRE-RETIREMENT
Securing your legacy

  • The retirement plan
    Did life insurance factor into your calculations?
    Before retiring, review to ensure your policy aligns with your goals.
  • Passing on wealth
    Life insurance can be a tax-savvy way to leave a larger inheritance to your loved ones.
  • Business succession
    If you’re a business owner, insurance can ensure a smooth transition and financial security for your company.

IT’S NEVER TOO LATE (OR TOO EARLY) TO REVIEW
Life insurance isn’t ‘set it and forget it’.

Ideally, every major life event:

  • marriage
  • birth
  • buying a house
  • job promotion
  • separation
  • owning a business

should trigger a review.

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Contact the office

Request a comparison or review of any insurance policy you have and we will do our best to find either a better policy or a better premium.


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Disclaimer: This checklist provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. © 2024