Something we are all guilty of is neglecting that life admin. Those boring, but incredibly important things, like checking insurance premiums, keeping your energy provider honest and making sure you’ve got the best deal on your home internet.
Do you know who will receive your superannuation or life insurance if you die?
One thing you may not have considered is looking to see who is listed as the beneficiary for your superannuation and/or life insurance policies. We had a client a few years back who hadn’t updated her superannuation for some time, and she discovered ex-boyfriend was listed to receive her super. Which might not have been too bad, except she now had a husband and two kids!
Who should be nominated as a beneficiary?
In any situation, who you choose to nominate as your beneficiary is entirely up to you. Who do you want to receive your superannuation or life insurance funds if you were to pass away? Most people nominate a spouse or their children, however this might differ depending on your relationship status and financial arrangements.
When should you review your beneficiaries?
A review of your beneficiaries should be completed when you reach certain life milestones. While there are many, here are a few to consider:
- Buying property
- Entering a relationship
- Exiting a relationship
- Having children
This list is in no way exhaustive, but these major events usually result in changes needing to be made and we’d suggest ensuring your superannuation and life insurance are up to date too. If you haven’t reviewed your super or life cover in a while get in touch, Entourage Wealth are offering complimentary health checks throughout August and September. Click here to book a time with Andrew.