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The annual health check for your finances with AIG Life

The annual health check for your finances with AIG Life

Top-rating shows like 'Your Money Sorted' and 'Money Man' are doing a lot to popularise the fine art of smart money management. And there's a new, simple tool to give your financial health an annual check-up, as Jo Joiner explains.

If accounting for every dollar you earn and spend sends shivers down your spine (of pain, not pleasure), you'll be pleased to know that an AIG Life insurance consultant can help. And you won't get the sergeant-major treatment – it'll be a neutral, non-judgmental experience, and not least bit scary.

Using information gathered over the years, AIG Life recently developed a comprehensive personal financial audit called the Lifestyle Check. The primary role of the check is to identify the level and types of insurance that would provide the most cost-effective protection for your family. However, a helpful by-product of the process is a very accurate snapshot of your personal financial situation. 

"People see where money is going – money they didn't realise they were spending," says Darryl McConnel, an experienced financial consultant who helped AIG Life to develop the Lifestyle Check. "It can be a wake-up call. One couple I worked with wanted to save for their first house, but said they didn't have any money left at the end of the month. After I went through a financial health check with them, they saw where their money was going. After some adjustments, they managed to save money."

Darryl recommends a Lifestyle Check every year, because it will allow you to evolve your financial arrangements – particularly your insurance protection. Good financial management is not just about having enough money to cover expenses, it's about recognising changes in your life and how they affect your financial future. 

Mike Loftus of AIG Life says that insurance is built for change. "Many of our life insurance policies allow you to make adjustments when your circumstances change. Having a baby, taking on a bigger mortgage, changing jobs, kids leaving home or paying off the mortgage are some examples of life-changing events that can alter your insurance needs."

Doing a Lifestyle Check with an AIG Life insurance consultant will reveal whether you're under- or over-insured. It will also show whether you have the right type of insurance for your stage of life. If you'd like to do the check, which will leave you with a full report of your finances and a recommendation for cost-effective, appropriate insurance cover, talk to your AIG Life insurance consultant. If you don't have a consultant, call 0800 800 242 and they'll put you in touch with one. 

Do a mini Lifestyle Check right now:

I have a current Will that will distribute my estate to my loved ones. 

 Yes/No
I believe that the public hospital system will be able to provide prompt, effective treatment or surgery for any health problems I may experience in the future.

 Yes/No
I have health insurance that will fully reimburse me for the cost of hospitalisation and/or surgery.

 Yes/No
I have enough savings to get by if I was unable to work for several months because of sickness or injury.

 Yes/No
If I was diagnosed with a serious form of cancer tomorrow, but was likely to survive, I would have enough money to support my family during a lengthy treatment and recovery period.

 Yes/No
If an accident or illness made it impossible for me to ever work again, my family wouldn't suffer financial hardship.

 Yes/No
If I die, those who are dependent on me financially will have enough money to support their current lifestyle now and in the future.

 Yes/No
I'm confident that my family and lifestyle are financially protected from life's unexpected unfortunate events.
 Yes/No

Mini Lifestyle Check Diagnosis

Total number of NO responses: 

NONE: Fantastic! You are managing life's risks well. However, it's important to stay on top of things, so you'll need to regularly review your financial back-up plans. 

1 – 3: Not bad! Most of your financial and risk concerns seem to be under control at the moment. However, a change in circumstances, such as taking on a bigger mortgage or having another child, could make it necessary to review your financial protection. 

4 or more: High alert! You urgently need to get a financial protection plan in place. If something happened to you tomorrow, life would take a turn for the worse in more ways than one. 
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