Insurance: your soft landing

Everyone has their own reasons for taking out life insurance. But one thing we all have in common is the need to hang onto it.

Do you remember what prompted you to first talk to a financial adviser about life insurance?

For many people, it’s when life stopped being about just you. Like when you got married or you gave birth to your first child.

Once you took on these responsibilities, you knew you needed to protect them. It was a smart decision then and it remains a smart decision every time you renew your policy.

Protection that stays with you for life

Life insurance comes in many shapes and sizes. It is designed so you can choose the types of cover that best suit your life stage, so you can adjust your level of cover as your circumstances change. One thing that doesn’t change is the underlying need for financial protection.

The main goal of life insurance is a simple one. If you get seriously sick or injured, it’s there to help you get the treatment you need and to help your family cope financially without your financial contribution.

Obviously protecting your income plays a key role in this. But even after you’ve finished working, life insurance can still play a vital role in ensuring your lifestyle isn’t compromised by sickness or injury.

Thinking even further ahead, life insurance can be used to create an asset that helps you distribute your estate as evenly and as generously as you would like.

Is your policy still right for you?

Over your lifetime, you might hold a life insurance policy for decades. But that doesn’t mean you should “set and forget” your life insurance strategy.

Every one to two years, you should discuss your life insurance needs with your financial adviser.

By being smart in the way you structure and manage your insurance, you can ensure your cover is always appropriate and that it’s as cost-effective as it could be.