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Having the ‘life insurance talk’ with your partner

No one likes to think about things not going to plan. But over the course of your financial life, some unexpected events may happen. That’s why taking out insurance is integral to your personal and financial wellbeing.

And if you’re in a couple, having appropriate cover in place can help protect the life you’re building together. So, is it time for a conversation with your partner about your insurance needs? Here are a few tips to get you started. 

Getting on the same page
Personal insurance isn’t always an easy topic to approach, as it requires you to think about some undesirable scenarios. So it’s important to make sure that you and your partner are in the right mindset to give careful consideration to your finances. 

Understanding what you already have
As a starting point, it’s a good idea to determine what cover each of you already have in place. Are there any workplace schemes that offer you any insurance? Do either of you have existing insurance policies to be aware of? What do they cover? 

If you’re not sure what you might have or what’s already covered, get in touch: talking with an insurance adviser can help you get a clearer understanding of the ins and outs of your policies.

Discussing your goals
Before you start to work out where the gaps might be in your cover, you may like to ensure that you share the same financial goals. 

Are you saving for something big together? Or both striving to pay off debt? Identifying your money goals and the things you see as most important in your lives can help you determine what you most need to protect. Think about where you are now and where you expect to be in 10 years’ time – what needs to happen today for you to get there?

Talking about your risks
Discussing the ways that things might go wrong may not sound like a great way to spend an evening, but having the talk is a big part of getting valuable cover in place. 

What risks do you see as important to protect yourselves against? Are you relying on each other’s incomes to keep saving or meet financial commitments? What would happen if either of you were unable to work – or worse?

As difficult as it might be, having an open and honest conversation about your most important financial assets, and the risks that may jeopardise them, can provide invaluable peace of mind.

Seeking quality advice
Not only can talking about insurance be emotionally difficult, but understanding insurance can often be daunting. With so many options available, talking to an expert can help you work out how personal risk policies can fit into your financial plan. 

As financial advisers, we understand what is available and what might be a great fit for a family like yours.

Like to talk?
Drop us a line today. Our friendly advisers at Advice4Life would be happy to schedule a chat with you and your partner to discuss the options available.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.