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Marriage marks a significant life change, and with it comes the need to review various aspects of your financial planning, including your life insurance. Here is why it is important to review your life insurance policy after getting married:
One of the first things you might consider when you get married is making your spouse a beneficiary of your life insurance policy. This ensures that in the unfortunate event of your passing, your partner will receive the financial support they need to cover immediate expenses, such as the mortgage, personal debts, and day-to-day living costs. Updating your policy can provide peace of mind that your spouse will be protected.
As your family grows, so do your financial responsibilities. When you have children, it’s wise to increase your life insurance coverage to reflect the additional costs of raising a family. This might include planning for future expenses like education, healthcare, and other childcare needs. By increasing your cover, you can help ensure that your family will be financially secure even in the absence of your income.
Changes in Assets or Employment
Marriage often comes with shared financial decisions, such as buying or selling property, investing in assets, or even changing jobs. Each of these milestones is a reasonable trigger to reassess your life insurance policy. If you purchase a home or take on significant debt, you may need to increase your coverage to ensure these liabilities are covered. On the other hand, selling assets or paying off debts might mean you can reduce your cover to match your current financial situation.
A Complimentary Review with SCM
SCM Insurance offers a complimentary personalised review to ensure your insurance coverage aligns with your current life stage. If an adjustment is appropriate for your existing cover, your SCM Insurance Adviser will manage the entire process for you, ensuring your policy is tailored to protect what is most important to you.
Nic Brian – Principal, SCM Insurance
SCM Insurance Pty Ltd is an Authorised Representatives of MBS Advice Licence Pty Ltd ABN 25 654 854 136 AFSL 536983. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.
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