Whatever goals and priorities you establish, it is essential to keep financial planning solutions as flexible as possible and to review them regularly.
Not only will your attitudes, circumstances and responsibilities automatically change as you get older, but you could also become the victim of an unforeseeable event, such as a divorce, redundancy or serious illness. For this reason, ensuring that you are not ‘locked in’ to financial products should be a high priority.
For example, it is important to check that a mortgage does not have steep exit penalties, and that it allows you to take ‘payment holidays’ - so that you can temporarily cease contributions if you hit a lean patch.
Similarly, make sure that you choose life assurance and health insurance policies that have ‘guaranteed insurability options’, which enable you to alter your cover level in response to major lifestyle events without having to undergo further medical underwriting.Last Updated
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Setting your goals and priorities
