Plan for life after the big day

We spend considerable time planning for life-changing events like getting married, starting a family or launching a business, and yet we don’t pause long enough to think of and plan for the financial implications of these, says Sanlam financial adviser Dorothy Davies.
Just as you eagerly plan your wedding or prepare for the arrival of a new baby, you should spare a moment to carefully consider the rest of your life after the big event.
It is easy to get sucked into the short-term plans because these are imminent and tangible events. It is part of our psyche as human beings to assign more importance to things happening right now or in the foreseeable future. But we find it difficult to prioritise events that are far in the future and we hope that bad things won’t happen to us.
Such behavioural biases may lead us to postpone difficult decisions or avoid talking about events that we don’t want to confront, such as our own death or other things that might go wrong in the future that we have envisioned for ourselves.
The only way you can confront these fears is by cushioning yourself against the curveballs that life might throw at you. As a couple who promises to always be there for each other, or as a parent who wants only the best for his or her children, get peace of mind through proper planning for your loved ones’ financial future, and you’ll be much happier on the big day when you don’t have to worry about it.
Comprehensive risk cover is a necessity when people are financially dependent on you, says Dorothy. Life cover is especially important if you are the main income provider for your family.
The more people who rely on you for financial help and support, the more cover you need. So when you start a family, life cover becomes crucial to ensure that your spouse and children will be financially secure, should anything happen to you. Otherwise they could find it difficult to make ends meet and this situation can be aggravated if you have debt that your family have to repay when you die. Life cover can provide for both your debt repayment and financial support to your family.
She adds that the three other important areas of cover that everyone with financial responsibilities should consider are dread disease cover, income protection and disability cover. These can ensure that you don’t find yourself in dire straits if life happens while you are still alive.
Contact Dorothy Davies on 014 763 2260 or 082 783 3298 for expert advice.
Sanlam is a Licensed Financial Services Provider.

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