Where has the time gone? Last time we met Pat, he was in the throes of Adulting – freshly married with a new baby. But today, his son is certainly no longer a child – in fact he’s just started studying at the local college and his daughter, Kylie, has started high school. Thanks to Patrick’s smart financial habits over the years, he’s been able to put down a cash offer on a second hand car for his son. And to top it off, Patrick’s bond has finally been paid off. Life seems comfortable.
But it can feel daunting at times. Meeting his children’s needs has never cost as much, what with the high cost of education, not to mention keeping up with their social lives. And while his business is doing well, he feels the weight of his obligations to his family, as well as his employees and even their dependants too.
At 54, Patrick falls into the life stage that life insurer FMI, a Division of Bidvest Life Ltd, calls the Mid-Lifer stage - mid-50s, married with older children, with relatively little or no debt. For clients like Patrick, their income holds the futures of those close to them – aside from their kids’ education and whatever future endeavours they have in mind for their children, they’re aiming for those special family holidays and the freedom to enjoy the moments they’ve worked so hard for.
His financial status aside, Patrick’s risk profile has shifted from the Adulting stage of life. According to FMI’s Risk Stats 2019, at 54 years old, Patrick has a 75% chance of at least one temporary injury or illness, a 32% chance of a critical illness and 13% chance of a permanent disability¹. The risk of a temporary injury or illness remains Pat’s biggest risk - he worries about the impact an injury or illness could have on his business and employees.
What then should Patrick’s top priority be? With a family and business that continue to grow, Patrick needs to keep protecting the income that takes care of him and his loved ones. It’s also time to start consolidating his cover, while continuing to save and invest as much as he can.
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