Newspaper article The Chronicle (Toowoomba, Australia)

Keep Financial Plans Relevant

Newspaper article The Chronicle (Toowoomba, Australia)

Keep Financial Plans Relevant

Article excerpt

MOST of us take for granted that we have to get our car serviced regularly.

It is not something we look forward to, but we know we have to do it Co or it will let us down when we most need it.

A regular review of your financial plan is just as important Co and for the same reason. Life changes so quickly we can forget important updates to our financial planning, particularly insurance as shown by this real life event.

Josh and Kate had their first child late last year. A close friend who knew Josh was quite casual about finance matters reminded him that their circumstances had now drastically changed. He suggested it would be a good idea to talk to his financial adviser about their insurance situation given their newfound responsibilities.

The adviser discovered that Josh and Kate had last updated their life insurance when they bought their first home three years previously. He noted that things were about to change, and insurance that only covered their mortgage would leave a shortfall should something happen to one of them. …

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