Financial Success Group | I want to maintain my lifestyle plan
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I want to maintain my lifestyle plan

The “I want to maintain my lifestyle” Plan (Life Insurance)

Life insurance. You might think of it as something that only old guys like us need to think about, but you’d be surprised! Life insurance is less about insuring your life and more about helping your loved ones maintain the lifestyle they’ve gotten used to in the event of your untimely loss, or vice versa.

I think we can all imagine how horrible it would be to lose a partner or spouse. What many of us don’t think about is how much of a financial burden it would put on us – putting our lifestyles, and our families, at risk. Even people who feel like they’re still ‘spring chickens’ should consider what kind of impact that could have on them, and how it can be avoided with an appropriate “I want to maintain my lifestyle” plan.

There are many factors to consider when you think about determining how much life insurance cover you need. These are our four biggies!

  • Consider the impact of losing the income of your partner on your lifestyle
  • Think about what level of mortgage debt you have, and whether you could service it without your partner
  • Look into the costs of childcare and/or future education
  • Finally, consider the fact that you will probably need time out to come to terms with the loss of your partner. I think we can all agree that going back to work the next day wouldn’t be an option.