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.
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