Planwise Financial Services
Then now is a good time to review your insurances. “But how much insurance should I get?”
You may need to cover the debt or mortgage, enough for funeral costs, any other short-term debt you might have such as credit cards, hire purchases, etc.
Have you thought about leaving funds for your spouse/partner or dependants? Because when you die, your income dies with you. You should consider at least three years' living expenses, because in our experience even though the mortgage is covered the house still ends up being sold because there is no cashflow.
What about your income needs if you get sick and can't work? How do you pay the mortgage repayments? If you are diagnosed with a serious illness, how would you cope financially? How do you pay for other future financial goals you might like to achieve, such as getting married or having your first child?
This is where a Planwise financial adviser comes in. They will take away the guess-work, by providing a good needs analysis and recommendation around the suitability of a particular product and the most appropriate amount to insure yourself for.
They will take the time to ask the right questions to make sure the most appropriate amount of cover is put in place using these types of questions to put together an appropriate level of cover for each individual's needs.
If you would like to know more or to have an informal chat, please talk to us at Planwise. We would be happy to help.