Protection Review

We mentioned earlier the three basics of financial planning: emergency cash reserve, basic protection, and some kind of pension. Below is a list of items to consider when reviewing if you have adequate protection in place:

• Do you have an emergency cash reserve to cover at least 3-6 months expenses?
• Do you have adequate health insurance?
• Do you have any income protection insurance, in case you are sick or injured for the long term?
• Do you have any critical illness insurance, in case you are diagnosed with a serious illness? (heart disease, stroke, cancer etc.)
• Do you have any loans / liabilities that are not insured?
• Do you have children? If so, have you considered life insurance?
• Do you have a current will? Does it include all of your worldwide assets?
• Have you reviewed your estate planning needs?

Obviously getting all of this done in one go is going to be tricky, so I would suggest making sure you have at least the first three in place before you consider making investments. The rest you can work on as you go.