The Overlooked Side of Financial Planning
Financial planning often focuses on the exciting stuff: building wealth, managing retirement funds, and investing. But there's an important part of the conversation that’s often missed—what happens if life throws you an unexpected curveball? Making sure you’re covered for the ‘what ifs’ is just as crucial as planning for the good times.
Financial wellbeing has a big impact on our mental and physical health. Knowing you’re financially protected brings peace of mind, letting you focus on enjoying life with your loved ones and building your future.
Key Types of Life Insurance Protection:
- Life Cover: Provides a lump sum to your loved ones if you pass away, or an early payment option if you’re diagnosed with a terminal illness.
- Income Protection: Covers your income if you’re unable to work due to illness or injury, ensuring you can maintain your lifestyle.
- Total & Permanent Disability: Helps with costs if you suffer a serious, permanent injury or illness, requiring lifestyle adjustments.
- Trauma Cover: Provides a lump sum to assist with treatment and recovery for conditions like cancer, heart attack, or stroke.
The Four Big Life Stages to Review Your Protection:
- First Job: Begin building your safety net.
- Marriage: Consider coverage for your partner’s future.
- Starting a Family: Ensure stability for your growing family.
- Buying a Home: Protect your biggest asset and investment.
At each stage, review your protection plan to make sure it’s tailored to your needs. Every three to five years, revisit it to ensure you’re paying only for the coverage you need, so you’re ready for whatever comes next.
