A note from one of our planners
A solid risk management plan is a key component of your overall financial plan. This involves identifying risks that can possibly hinder your wealth accumulation plan, such as death, disability or severe illness. One needs to insure against these events to make sure that your finances do not take too much strain should something happen to you.
It is also important to consider those who depend on you financially and what will the impact be on their lives should something happen to you. A life insurance policy is a handy tool that you can use to make provision for yourself and your family in case of these unforeseen events.
Some points to consider:
– Do you have sufficient cover in place?
– Are your annual premium increases too aggressive?
– Have you updated your beneficiaries?
What should you do?
Speak to your financial planner to make sure that you are appropriately and sufficiently covered. Remember to review your insurance annually to ensure that your policy is still in line with what you need.
Always make sure that you have a valid Will in place. Remember that there is no such thing as being too young or not having enough assets to have a Will.