At Goldridge we believe that you only need life insurance when your family is vulnerable and unable to cope financially without protection. In the long-term our advice is to work to reduce your need for life insurance by strengthening your financial position and building your overall wealth.

Often people feel they are paying too much for insurances and for many that may be correct, especially when their expected outcomes have little certainty. Others simply can’t see the value for what they are paying, however, should something go wrong they are pleased to have it.

Goldridge family risk assessment process

When we do a family risk review we do not make any assumptions about what you need or what we think you can afford. We look at the issues facing your family and your ability to cope or carry some of the risk yourself.

We will identify what events would be minor, major or catastrophic, together with their probability of happening and then look at the likely impact on your family.

We find that most families have similar key risks that affect them. Typically they are:

• The need to eliminate debt and personal guarantees
• Maintaining family lifestyle and income while disabled
• Access to medical treatment and covering the costs of private medical expenses
• Providing family income after death where there are dependent children
• Providing spouse income after death
• Replacing family roles (housekeeping, child care, gardening etc)
• Covering the cost of necessary changes in lifestyle
• Career recovery
• Continuity and completion of retirement savings
• Providing future education for children
• Creating a charitable gift or bequest
• Covering the cost of final expenses

When you have talked with a Goldridge adviser you will be better informed to make a decision about what risk you feel you are able to carry yourself and what you wish to share or transfer via insurance.

Over time your exposure to risk will diminish as your mortgage and other debt reduces, your children become financially independent and your retirement savings and other investments continue to grow. This means that your need for insurance should fall over time and the money saved on premiums can be used to either increase your disposable income or accelerate your retirement savings.