Ensure your finances are in check when cupid's arrow hits this Valentine's Day
WITH Valentine’s Day around the corner and talk of roses, candles and romantic dinners in the air, CUA (Credit Union Australia) Acting CEO Mr Rob Nicholls has given a timely reminder to couples to plan ahead financially so they fall in love without falling into financial trouble.
Mr Nicholls said that investing in the advice of a financial planner could help couples to plan for both the short and the long-term together.
“While many couples plan their daily finances together it is less common for them to plan the more serious side of things such as insurance and wills,” Mr Nicholls said.
“Moving in together is a good time to review your insurance needs. A switch to couples health insurance or arranging some life insurance for you both is a change you’ll appreciate should anything happen down the track.
“When it comes to choosing a health insurer it is important for couples to do their homework and find out what varying levels of cover are available with a few different insurance providers and what each level entitles them to.
“Something to beware of is the exclusions that exist with some insurance policies.
“For example in the health insurance industry the most common exclusions are for pregnancy and birth related services, assisted reproductive services, infertility investigations, eye surgery, joint replacements, gastric banding, dialysis, cardiac and cardiac related services, surgery by podiatrists, sterilisation, rehabilitation, psychiatric services and palliative care.
“On the other hand some health insurers, such as CUA Health, are great because they have no exclusions (except for non-medically necessary cosmetic surgery), which saves you money in the long run.
“But no matter which insurer you go with remember to read the fine print. You don’t want to fall sick while you’re away on holiday and end up in hospital only to find out that you have to pay medical expenses upfront and obtain a refund later from your travel insurer simply because you did not read the terms and conditions.”
Mr Nicholls said life insurance and wills were both quite easily forgotten by young couples.
“A lot of couples do not even consider life insurance or wills because they believe they are still young and have a long life to live, but these are two important products that need to be considered when thinking about your future.
“Meeting with a financial planner to list your assets and other personal details will ensure that you and your partner are covered for the long-term in the event of a sudden death.
“While most people believe there is no compensation for the loss of a partner it is certainly a way to ensure your other half will not suffer financially if you pass away.”
For further information about CUA financial planning services, insurance products, or finance options visit www.cua.com.au or call 133 cua (133 282).
