Life is full of ups, downs and the unexpected.
“It is easy to forget to regularly update life insurance policies, and this could leave you and your family in a compromising situation in times of need,” said George Kolbe, head of life insurance marketing and enablement at Momentum Life Insurance.
“Life insurance is important to protect your loved ones and ensure financial well-being.”
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Here are some handy tips when reviewing your life insurance policies:
• Review your beneficiaries
When nature takes its course, life insurance is designed to provide for your family.
Make sure to update your beneficiaries after any major life events such as marriage, divorce or the birth of a child to avoid delays or complicating access to funds in times of need.
• Evaluate your cover needs
Financial responsibilities evolve throughout life.
Prioritise mentioning any type of debts and financial obligations, like children’s education or home loans, so that even if you are not able to provide, their futures are taken care of
• Consider additional cover
Additional cover is needed as you grow.
Maintaining the standard of living your family has grown accustomed to is crucial in the event of death.
• Integrate life insurance into estate planning
Review your estate planning and ensure it corresponds with your existing will.
In case you or a spouse pass away, life insurance helps address financial risks and cover responsibilities, leaving your legacy to those you love.
Consult with a financial advisor for plans suitable for you.
• Life insurance is more than just life cover
A proper financial plan protects you no matter what life might throw at you.
Insurance you might consider:
Life cover – to provide for your loved ones after your passing.
Critical illness cover, to help you survive and recover if you’re diagnosed with a serious, life-threatening condition.
Disability cover, to support you while you adapt and rebuild your life if you’re unable to work.
Income protection to ensure continuity when illness or injury stops you from earning.
An accredited financial advisor can help you get a personalised, balanced cover that can protect you and your loved ones.
• Commit to annual financial reviews
Having a cover means being responsible for it too.
Keep on doing checks and improvements on your insurance regularly with your financial advisor.
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