By Dave Kavanagh

When planning our family’s finances, one of the most important aspects is protecting against unexpected financial loss, yet many people often keep putting off making time to arrange it, (it’s not the most fun exercise!) despite the fact it can give them peace of mind, knowing that in the event of a fatality or a serious illness, their family do not suffer substantial financial loss. But what are they really saying? “I’ll have a look at that after Christmas”. Often replaced with “after Easter”, “after the holidays”, “after the kids go back to school” and a few others. What is actually being said is “I’ll name some time in the future so that I don’t have to deal with it now” (a bit like “I’ll start the diet on Monday/in January”). Let’s face it, you can easily find 30-60 minutes once a year to deal with something this important. You’ll be glad you took the time. “We have cover in place already”. Great. That is, if it’s been reviewed in the last few months, but on closer examination, it often hasn’t been looked at in years and circumstances have changed, it may no longer be suitable. It’s important to keep things relevant to your current personal circumstances. “Our bank sorted everything for us”. Your bank may have sorted a few things, but in most cases, banks are tied to one life company, so a fair comparison cannot be made, meaning you could be paying way over the odds for whatever the bank has put in place for you. Dealing with an advisor who is not tied to one company and can compare other options is the only way to make sure you get the best value. “I’m busy at present, I’ll give you a shout in a few months”. But the fact remains, if there is an activity that you like you will make time for it. Burying your head in the sand is rarely a successful solution to most problems. I often get the response, “I don’t have time” and then in the same conversation find out which Netflix series they have just binged. Make the time. Review your cover requirements.

Dave Kavanagh QFA has been advising people financially for over 25 years. For quotes or information (with no cost or obligation) he can be contacted by emailing info@financialcompanion.ie or use the contact form on www.financialcompanion.ie or @Davekav_advice on Twitter and Instagram. Combined with his previous role of gym/nutrition adviser, he regularly gives talks and workshops at seminars and events for groups, companies and government departments on financial wellbeing, positivity and motivation. As heard on RTE 2FM , LMFM and TV3.