A new season is a good time to review your financial goals and maybe even switch up your life insurance. There’s something pretty magical about autumn. The leaves start to change colour, the air begins to cool and nature undergoes a magnificent shift
It’s also a great reminder that change is inevitable and, in the same way that the natural world adapts, so should our financial plans.
Give your financial planning an autumn check-up
Don’t wait for a new year to spur a new look at your financial planning. Life moves fast so take a seasonal approach and check in every three months. Questions to ask yourself to ensure you’re still on track include the following:
- Does my bank and anyone I have a policy with have my updated contact details?
- Has there been a change in my income to inspire a change in my budget?
- Where can I reduce my expenses or switch brands to score a saving?
- Am I still getting the best value for money for money from all my service providers, be it my bank or medical aid?
- Am I still getting the best interest rates?
- If I have debt, am I still making progress to pay it off?
- Has there been a life change that could inspire a change to my Will or policies?
- Have my insurance needs changed?
Life insurance acts as a safety net, ensuring your loved ones are financially protected in the event of the most inevitable and natural change – your passing. Still, many think that once they’ve taken out a life insurance policy, everything is done and dusted, but it doesn’t have to be. At MiWayLife, we know that life is always changing and believe your life insurance policy should be able to evolve alongside you. This is why, if you have a policy with us, the amount of life cover you select will increase by 5% every year to ensure it keeps up with the rising cost of living. Secondly, this cover amount isn’t set in stone - we’ve made it easy to change it whenever you wish.
Ups and downs and how to roll with the changes
There are many reasons why people might want to increase their life cover amount as the years roll on. For one, the birth of a new child or a new marriage that brings stepchildren into the picture means having more loved ones you’d like to protect. More responsibility is another reason to increase your life cover amount. As an example, if you decided to buy a new, larger home for your growing family, you’d want more life cover to ensure your bond could be settled if you weren’t around to pay for it yourself. In the same vein, there are lots of reasons that might inspire you to decrease your life cover amount, such as finally having paid that bond in full. If that’s you, congrats! Something else you can change as easily as the seasons shift? Your beneficiaries!
Here’s to embracing change!
Just like nature transforms during autumn, your financial plan should adapt to life's changes. So, don’t just pick up leaves, pick a day to sit down and revaluate your family’s financial goals, plan accordingly and consider using life insurance as a valuable tool to ensure your family’s financial future. If you already have a life insurance policy, now’s the time to review it and ensure it’s still on track with your ever evolving financial big picture to ensure peace of mind as you navigate every season of life.
Did You Know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
