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FINANCIAL PLANNING: MORE THOUGHT STARTERS

Tailoring a life insurance plan for individual situations requires the skill of a licensed financial planner or adviser. Generally, they can make the world of difference by suggesting relevant strategies and personalising insurance to your own, unique situation.

Licensed professionals are required to undertake ongoing study to ensure they are up to date with the changing advantages and disadvantages of life insurance strategies.

While seeking out specialist advice will certainly make things easier, it’s important to remember that the goal is to develop a plan for your individual needs.

To get the best outcome, make sure you engage with your adviser and ask plenty of questions, such as:

In or out of super, what are the tax implications and cost savings?
Why should you pay more for ‘Own Occupation’ definition in TPD?
What waiting period is best for my income protection? I currently have some in my super.
Can the sick leave I have accrued help reduce the cost of cover?
What lifestyle risks should I cover and are there others I should consider?
Are level premiums better for me?
How much cover does my spouse need?
Can I cover the educational needs of my two kids?

Life Insurance ...