Skydiving? Climbing Everest? Learning to swim? What’s on your bucket list?
Many people have bucket lists, but few have plans in place for when the time comes to kick the proverbial bucket. How do you ensure your death does not become a nightmare of sorts for those you leave behind?
- Make sure you are in fact covered and be sure of what is included
Perhaps you took out a life insurance policy years ago. Are the details updated? Is the cover adequate for your family’s needs? Reviewing your policies is not often found on anybody’s bucket list. It is however important to add it to your to-do list at least once a year.
- Don’t cancel your cover
It is tempting to cancel grudge payments when times get tough but cancelling your life cover could leave you or the people you hold dear stranded and forced to fall into a debt trap.
Rather assess whether your premium matches your needs. You can also combine multiple life insurance policies – doing this through one insurer will save you on premiums and administration costs.
Just make sure to check policy waiting periods for natural or unnatural death before switching.
- Pay your premiums on time
Not only are you at risk of lapsing your policy if there are no funds in your account for two consecutive months, but you may also incur additional charges from your bank if debit orders are not honoured.
- Make important documents easily available
Now here is something important to add to your to-dos for 2020: open a file (a physical one) or a ledger to keep all your most important documents together, including:
- your last will and testament
- a copy of all your policies and beneficiary designations
- a list of your monthly debit orders and accounts
- a copy of your identity document
- deeds for real estate
- automobile and boat titles
- stock and bond certificates
- income tax returns
Ensure that a key person in your life is aware of this file and where to find it in the unfortunate event of your death.
Springpoint Finance (FSP No. 43870) is a national independent brokerage, specialising in tailormade long-term insurance and wealth management.
We have a great time-saving tool to help you check and compare your existing policies and investments. Simply visit Verifi, complete the simple form, and we will send you a free comprehensive report on your existing policies and investments.
Should you require further assistance with updating your policies or if you would like to explore additional options, our friendly and highly qualified financial advisors will be happy to assist.
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|The information contained in this article is of a general nature and intended as a guide only. It is neither to be construed as financial advice nor to be regarded as a definitive analysis of any financial, legal or other issue. We recommend you consult a financial planner/advisor to take into account your particular investment objectives, financial situation and individual needs.|