Forget the math develop a Plan B with your partner

I will often meet up with whoever the main “bread winner” is in a household. That isn’t the ideal situation, but people have busy lives and seeing an insurance broker isn’t a high priority. If I have communicated my job effectively then at some point, there will be involvement from the other partner which is fundamental in getting the best possible advice and keep your loved ones safe.

The first thing I do with clients is go through a questionnaire to get as much information as possible to base my recommendations. After that first meeting however, the best information comes from a couple that has a discussion about what their plan would be.

A good lawyer once told me that when putting your will together simply think of what you want to happen, what is the best outcome for each situation. I have made this a much bigger part of my process recently not only to get the client’s needs met but it really helps them understand what they are getting and why by developing a plan or Plan B.

When discussing the risk products we are really asking two questions, what is your Plan B if either of you pass away and (what can be much more financially costly) what happens if either of you have a severe medical event and are unable to work (including stay at home mums and dads, think about that one)?

It is only two questions but they involve quite a lot of thought.

We will take the example of Jack and Jill who are in their early 30’s with two young kids. What is the plan if Jack or Jill pass away? What happens if Jack or Jill is disabled (disabled meaning illness or injury that takes you out of the workforce for a significant amount of time)?

From this you end up establishing your needs which will enable us to develop that Plan B which can be executed if tragedy strikes.

If you are one of those people that believes you are the only one that needs cover because you are the only one working, then I don’t believe you have really had this conversation with your partner.

There is no downside to developing a plan and it is something that I can help you with so get in touch for an obligation free assessment.