How to build a comprehensive insurance plan

October 6, 2023

When it comes to your financial health, a solid insurance plan is just as essential as a balanced diet is for your physical wellbeing. Whether you're new to personal insurance or are looking to plug any gaps in your existing coverage, you're in the right place. We've compiled some key considerations to help you build a comprehensive insurance plan.

And remember, while this is a great starting point, there's no one-size-fits-all approach to insurance. So, don't hesitate to reach out to us if you'd like to delve deeper. As your insurance advisers, we're always here to help you navigate your options and tailor a plan that suits your unique needs and circumstances.

Assess your financial commitments

Let's start by putting your financial obligations under the microscope. Mortgages, personal loans, and credit card debts are all factors that can significantly shape your insurance needs.

If you were unexpectedly unable to work or if the worst were to happen, how would these obligations be met? In this case, you might look at solutions like life and income protection insurance, which can be used to secure your family’s ability to repay debts, cover day-to-day expenses, and maintain their lifestyle.

Keep your dependents in mind

If you have dependents, it’s important for their needs to be at the forefront of your insurance planning. Dependents could be children still living at home, a spouse, ageing parents, or anyone else who relies on your income for support. 

The goal is to ensure that your dependents are financially secure, not just now but in the future as well. 

Forecast life’s big events

As your life changes, your insurance needs can also change significantly. Marriage, having a baby, buying a home, or starting a new job - all these life events should prompt a reassessment of your insurance coverage. By incorporating these changes, you can tweak your plan as you go along, helping you avoid being underinsured.

Balance affordability with adequate coverage

Just as you wouldn't buy a car you can't afford to fuel, insurance premiums need to fit comfortably within your budget. It's all about striking a balance between affordability and adequate coverage. Remember, the lowest-cost plan might not always provide the level of protection you need, so it's essential to weigh up costs against benefits.

Fill the gaps

Even the most meticulously planned insurance portfolio is not a ‘set and forget’ solution. That’s why we're here: to assist you in reviewing your cover and identifying any coverage gaps that may arise as your life circumstances change. It’s all about ensuring that you have the right cover for you, so you can feel confident and secure in your financial future. 

We’re here to help

Personal research can get you far, but when it comes to tailoring an insurance plan, a little professional guidance can go a long way. As insurance advisers, we can help you decode complex jargon, navigate the fine print, and steer through the selection and application process, so that your insurance plan is as well-rounded as it can be.

Do you have any questions for us? Please don’t hesitate to contact us.


The information contained in this publication is intended for general guidance and information only. It has not been personally prepared for you. Therefore, you should not act on this information if you have not considered the appropriateness of this information to your personal objectives, financial situation and needs. You should consult with us before making any investment decision. Historical market performance may not be indicative of future market performance.