When Was the Last Time You Checked Your Financial Protection?
Most people insure their cars.
Many insure their homes.
But what about the income that pays for everything?
Your financial plan should prepare not only for the future you expect, but also for unexpected events.
Check 1: Your Income
Ask yourself:
If I couldn’t work tomorrow, how long could my household continue financially?
Consider your savings, insurance and monthly commitments.
Check 2: Your Family
If your family depends on your income, consider what financial impact your death could have.
Life insurance may form part of a broader protection strategy.
Check 3: Your Ability to Work
Illness or injury could affect your ability to earn.
Consider whether your current financial protection adequately addresses the risks relevant to you.
Check 4: Your Debt
List your major debts.
Consider what would happen to those obligations if your income changed significantly.
Check 5: Your Investments
Are your investments aligned with your goals and time horizon?
Avoid making major investment decisions simply because markets have recently risen or fallen.
Check 6: Your Retirement
Are you still on track for the retirement lifestyle you want?
A change in income, expenses or retirement age can affect your long-term plan.
Check 7: Your Estate Plan
When did you last review your will and estate planning arrangements?
If your family or financial circumstances have changed, your existing arrangements may need to be reviewed.
Your 10-Minute Financial Check-Up
Take a few minutes today and write down:
1. My biggest financial goal:
2. My biggest financial risk:
3. The person who depends most on my income:
4. When I last reviewed my financial plan:
5. The one area I should investigate further:
Key takeaway: Financial planning isn’t something you do once and forget. Regular check-ups can help you stay aligned with your goals as life changes.
Educational note: This checklist is for general educational purposes and does not constitute personalised financial, investment, insurance, legal or tax advice.
