Ultimate Cover Analysis

How the Ultimate Cover relates to each life stage.

As you move through various ‘financial generations’ different protection needs, and priorities emerge. While each person’s situation requires expert Assessment, the following profiles may help illustrate the protection needs that relate to each life stage.

Making a start and mastering the basics. The beginning of responsibilities such as cars, credit cards and living expenses may trigger the need for a protection plan. Such a plan would be used to cover lifestyle expenses, debts and treatment options if a major illness or injury strikes.

Building the Foundations. Relationships, starting a family and buying a home may quickly change priorities. Protection should be in place for the new responsibilities, such as higher living expenses, mortgages and to secure family income.

Balancing Out. With birth of children, the household income may start to peak, especially without tthe possibility of one of the spouses to return to work. Most of the income is still committed to living expenses, so risk protection may be a major priority. The amount of cover may need to be increased in line with lifestyle changes and the increased chance of major illness.

Changing Priorities. Children are becoming independent and the expenses are tapering, but substantial commitments are still to be protected as health may become a greater concern. Protection for remaining mortgage debt, income protection and cover for major illness or injury may still be required.

Retirement Years. Risk needs may have diminished as commitments reduce and investments replace earned income.