If 2020 has taught us anything it’s that surprises are often just around the corner. So, as we look forward to a new year, now is a great time to get prepared and make sure your insurance cover is fit for purpose.
About this time last year, I wrote of my disregard for New Years’ resolutions and instead focused on identifying good things that had happened throughout the year and looked at ways to ensure those good things continued.
Covid-19 put paid to some of that (but not all) and again I find myself approaching another birthday (go the mighty Capricorns!) and Christmas and another the New Year rolling round. So, I again have identified a few really good things that I plan to roll over into 2021.
Looking back on 2020 so far, I can pinpoint some key personal wins, feeling great about the mountains climbed, rivers waded, new friends made, less social media and a couple of bucket-list items that I’ve crossed off (Canyon Swing Queenstown for one). I’m about to move to a new house (eek!) and, with that, an intention to hype up the minimalist activity I’ve been getting my head around—not always easy with two kids and all the ‘stuff’.
For me, heading into 2021, I’ve also tried to identify any niggling things that I’ve wanted to resolve. There are a couple of personal things that have been washing around in my head that for my own wellbeing I need to stay on top of—some mental scaffolding, if you like—but also a need to get back on top of finances.
I have subscriptions for everything it seems now, from movie streaming services to food delivery and music. To this and that and the next thing. So, I’ve made a list of them—I love lists and how satisfying it is to get things done and cross things off.
My birthday also coincides with my insurance anniversary, so this is a good chance to tweak the cover I have, not just so I can keep the subscriptions but so it’s not a gasp moment when the premiums go out. I looked again at what I need to have covered and what I want left when I go (kids, remember) and what I need if the doc says I can’t work (all those subscriptions still have to get paid). It’s a task and I’m up for it.
I encourage you to look at your cover and make sure that, as we roll into 2021, they are still fit for purpose and won’t cause you to gasp when the premium goes out or, worse, gasp because there’s no cover there if 2021 was to turn out even more unbelievable for you than this year was.
Fortune favours the prepared mind.
Simon O’Neill is a Registered Financial Adviser with Velocity Financial. No investment decision should be taken based on the information in this blog alone. A disclosure statement is available free of charge upon request.