‍This month I'm sharing how a couple of easy tweaks to your insurance policies can seal up the cracks that catch many families out.

Insurance is boring. Full stop.

Now I’ve called out the elephant in the room, let’s get to the interesting part: how you can tweak your cover to suit your unique needs, especially if you have kids.

For most people, insurances are something to set and forget, hopefully never to be used, but there as a backstop in case something happens. Most people’s policies provide cover for themselves, for things like loss of income due to disability of the earner and/or the passing of that person. In principle, this should protect the family but there are some gaping holes that have caught out many a family.

To illustrate some of these fundamental flaws, let’s suppose something happens to the children and the parents have to take time off work or money is needed for a procedure—scenarios potentially not covered by standard insurance policies for the parents. I can tell you many stories, but we have all read them from time to time, it is just awful.

So, as far as insurance policies go, George Orwell’s wise words definitely apply: “All animals are equal, but some animals are more equal than others.” Insurance contracts can vary greatly in their fine print, especially in regard to their additional benefits.

There are built-in benefits for Life, Trauma and Income Protection Insurance and additional insurance can be taken out for Life (after 14 years of age), Trauma and Health Insurance.

Some examples include:

·         Multiple kids discount on Medical cover (even some free);

·         Free Trauma insurance for children;

·         Care benefit to look after a dependent when they need (full-time) care;

·         Funeral benefits for kids;

·         Life benefits for kids.

Every contract works differently but there are noteworthy options out there to fit your needs and the needs of your family. Our lovely advisors will be able to spell out the benefits of your policy and provide the full suite of options to add cover for your children.

Don’t be left in the rain when a life event happens. Make sure you have a good financial umbrella to keep you and your family protected.

Alex Barendregt 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.