Life’s good. You’ve built a nest egg and are looking forward to enjoying new found freedom. Indeed you’re likely to be far too busy making the most of your life to consider how your lifestyle would be impacted if something happened to you. But is this wise?
It’s true, as you get older some insurance policies may be harder to obtain and more expensive as the risks of you making a claim will have increased. But it’s still worth considering what would happen in the event that you or your partner became seriously ill or disabled and couldn’t work.
- If something happened would you sell your house, your investments or spend your savings?
- What if this wasn’t enough?
- How would this impact on the rest of your retirement plans and lifestyle goals?
- Does your back-up plan involve seeking help from your wider family?
What next?
Start by checking out what Life Insurance you have in your super, how much cover it provides you and when it will no longer be available. With no dependents, you may have less need for Life Insurance, but adequate Trauma Insurance, Total and Permanent Disability Insurance or Income Protection Insurance will go a long way to securing your lifestyle.
- Take a minute to check your super fund to find out what your current levels of cover are.
- Check out the Lifewise insurance needs calculator. It'll provide you with an estimate of your insurance needs in a matter of minutes. But remember, this is only an estimate.
- Talk to your family and friends about it or seek advice from a professional financial planner.
Keeping up the good work
It’s important to remember that your insurance needs change as your circumstances change. Make sure you take another look at your insurance needs if you start a new family or get into a serious relationship with someone who already has their own family.