[ADVISOR VIEW] Devon Card from crueinvest provides some guidelines for assessing your need for long -term insurance. Moneyweb PersonalFinance
The long-term insurance industry can be a minefield of providers, products, salespeople, targets and terminology that can be overwhelming to the layperson. But long-term insurance can play a valuable role in your overall portfolio – provided that it is accurately quantified and appropriately structured.
Another important step in the process is to take stock of your assets including the nature and location of each asset, the market value, your intentions for each asset in the event of your death or disability, and the liquidity of each. Having calculated your debt, you will be in a position to understand your net worth and the extent to which you can self-insure against the risk of death, illness or disability, if at all.
Life cover can be used effectively to provide financially for your loved ones especially if your policy is correctly structured for these purposes. A significant advantage of using life cover in this way is that the proceeds can be paid directly to your nominated beneficiaries thereby bypassing the estate administration process. In doing so, your loved ones will have almost immediate access to the funds without having to wait for your estate to be wound up.
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