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“Before embarking on this exercise, couples should first reach a mutual understanding on a number of things. This includes the type of life cover, amount insured, provision for children or dependents, beneficiaries, as well as their broader financial responsibilities. This is to ensure that they are adequately protected in the unfortunate event that one of them falls ill or passes away,” says Bromfield.
“It’s important to be on the same page about what to cover and for how much. This is also an opportunity to agree on who you both want as beneficiaries. Even beyond just the two of you,” he says.
“Professional advice is very useful when a couple does not agree, or are simply not sure, about what to insure and for how much. An adviser could be helpful as they would look at the finances of both partners and make recommendations on how to take up the most suitable type of insurance,” he adds.
“The last thing you want, as a spouse, is to assume that you are still your partner’s sole beneficiary. Only to find out that’s no longer the case,” concludes Bromfield.