When Januworry bites...

'Tailor a solution that fits your budget without compromising on essential cover.

- 

Januworry is biting consumers again and consumers have to make plans to get through the month that feels like it has eight weeks instead of four, but it is important that cancelling your insurance should not be a part of your plan.

The cost of living and economic uncertainty is taking a toll on many consumers, says Stian de Witt, executive head of financial planning at advisory firm NMG Benefits.

A recent study shows that when it comes to personal finances nearly 77% of consumers are most concerned about everyday items becoming more expensive.

In these times, reviewing your financial priorities become critical and your policies should be at the top of the list.

While it might seem like a quick way to cut costs, cancelling your policies could leave you exposed to significant financial risks when you need protection the most, De Witt warns.

"Having policies such as life cover is not just a safety net. It is an investment in your financial well-being and the future of your loved ones."

De Witt encourages everyone to partner with a financial advisor to understand their real risks, make sense of the available options and tailor a solution that fits your budget without compromising on essential cover.

He says when reviewing your insurance cover, you should ask these questions:

What are my risks? Consider where you are most vulnerable to financial loss. For example, your risk of being unable to work due to illness or disability is probably higher than you think and is much higher than your risk of passing away prematurely.