Coming to a close in the series, we look at the big plan concerning timing for life insurance. As one puts together some of the discussed issues, ultimately a plan must be developed in some fashion. Follow along for more tips in these areas.
Developing the Plan
As we have discussed in this series, the need for life insurance is one that must be reckoned with. MoneySmart, a website run by the Australian Securities and Investments Commission (ASIC), takes a strong approach to this need by suggesting examination of what one’s family would do in the event of death. Indeed, “talking about dying isn’t easy. But it’s worth some thought.”
Throughout this article series we have looked at some conceptual issues as well as some real-life possibilities for life insurance coverage. However, with all of these things said, coming up with a plan can only be developed in your situation – with you and your family, as appropriate.
Allow your budget to be the starting point. Take a look at the needs that you and your loved ones have, and what would occur if someone were to pass away. By identifying what these financial needs are, perhaps you could approach a life insurance policy that could be appropriate.
Don’t hesitate to contact a financial professional. A consultation can help you understand how these needs will play a role in items such as life insurance. Having the expertise and experience of a professional can be extremely valuable in analysing your situation on its own dynamics.
Sticking to the Big Plan
What’s the big plan, you may ask? It simply refers to how you plan to utilise life insurance to take care of financial needs in the what-ifs of life – and death, of course.
A young family may choose life insurance, for instance, to provide for the financial needs in the unexpected passing of a spouse. As the budget expands, perhaps, another policy could always be added on until the time ends for further protection. Later in life, this same couple could opt for less life insurance as their children become dependent.
This hypothetical situation brings up the point of a big plan in life insurance: it is flexible yet focused. Once you realise your needs in life insurance, you can take action needed to ensure coverage as appropriate. This doesn’t mean that you put off needs until later, waiting for a “good time” to purchase life insurance, as death can meet any of us at any time. However, by addressing these needs with one’s budget, a strong plan can be developed and altered as circumstances dictate.
What does your big plan look like? Are you taking such financial needs seriously? Don’t hesitate to take the correct steps to get on track, if you currently aren’t in this category.
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