Is your Rubik's cube of life insurance solved?
Saving you money and safeguarding your financial future
Understanding the nuances of adjusting your life insurance cover and building and protecting your wealth can have a profound impact on securing your financial future.As the saying goes, you can't truly know someone until you see things from their perspective or walk in their shoes. The same applies to risk cover. To meet a client's needs effectively is similar to solving a Rubik's cube, with each side representing different aspects of their financial status, background, and personal circumstances.
Traditionally, life insurance has been perceived as a straightforward risk policy taken out when buying a house or planning to leave an inheritance. However, in today's dynamic world, life is marked by constant change, and our priorities shift accordingly. Therefore, it's essential to adapt our life insurance approach accordingly.
In every stage of life, the balance between building and protecting wealth varies. Identifying the right ratio at each stage is crucial. This awareness enables you to make appropriate adjustments to your life insurance coverage, ensuring comprehensive protection.
Several factors influence life insurance premiums, including personal, professional, and health conditions, premium term, lump sum vs. income cover, and premium patterns. Life insurance also addresses various other needs, such as providing for the breadwinner's income, funding children's education, and ensuring smooth business operations.
As these needs arise at different stages of life, it becomes evident that a tailored approach to life insurance is more effective than a one-size-fits-all policy. Specific premium terms and patterns at key points in life provide optimal coverage while potentially saving you money in the long run.
In conclusion, treating life insurance as a Rubik's cube to be strategically solved throughout life ensures you are adequately protected, financially secure, and prepared for any uncertainties that may arise.
So, ask yourself, is your Rubik's cube of life insurance solved?
*Christopher Freygang is a Product Marketing Specialist, Personal Finance at Old Mutual Namibia.
** Opinion pieces and letters by the public do not necessarily reflect the opinion of the editorial team. The editors reserve the right to abridge original texts. All newspapers of Namibia Media Holdings adhere to the Code of Ethics for Namibian Media, a code established jointly with the Media Ombudsman.