Crafting a Robust Financial Plan: Why a Strong Plan B Matters

A robust and successful financial plan must underpinned by a solid Plan B.

Depending on your circumstances, your plan B may include a cash buffer, insurance, and items like sick leave from your employer. Life insurance plays a huge part in protecting our families and our assets and achieving our future goals.

Once you have gone through the insurance needs analysis process with your advisor, they will make a recommendation to:

• Keep the cover you already have in place
• Make alterations with an existing provider to make sure that the cover you have in place matches your needs or
• Replace your existing cover with a new provider. 

This is based on fundamentals like the cost of premiums and whether your medical history allows you to access new cover or alter your existing cover.

Your advisor will remind you about your disclosure requirements throughout the process, but we know from experience that trying to remember everything can be a little overwhelming. 

Firstly, please don’t worry if you don’t have all the exact details close to hand. We have avenues to find that information (like myGov & medical reports). the most important thing is that your adviser knows about;

• your medical history – including physical & mental
• any current or previous medications
• current or previous drug use
• the medical history of your parents & siblings

The earlier your adviser knows about these areas, the better. It will allow them to navigate the market & find the best outcome for you!

If you are unsure about any of that information or questions that you are being asked, please chat with your advisor.

Finally, once we have decided on the best plan of attack regarding your insurance.

You will have a telephone call with the insurance company. That call will be handled by someone with a deep understanding of the insurance process. The information will be sent to an assessor, who will make an underwriting decision on your application. 

Full disclosure will avoid significant delays in getting everything sorted.

To reiterate, speak to your advisor and disclose everything when in doubt.

Are you looking for financial planners you can trust and with your best interests in mind?

Get in touch to chat or call us to know how we can help!