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Here’s when you should reach out to a financial advisor

Apr 08, 2019 | 12 months ago | Read Time: 3 minutes | By iKnowledge Team

Reaching out to a financial advisor prior to making an investment is important. This article helps you understand how best, and when, an advisor can help you plan your financial life.

Your financial health requires the kind of attention that your physical health does. The way you wouldn’t ignore an underlying health condition, in a similar manner, you should ensure that you periodically review your finances as well.


At every life stage, you reach certain important milestones. This translates into a change in your personal circumstances, and as a result, impacts your financial life as well. It is important to reach out to a financial advisor so that you can explore the various options available to you, and can take the right financial decisions that are certain to have an impact on your future. Yes, while you can work on your financial plan yourself, what sets a financial advisor apart is that they are trained to anticipate financial changes owing to changes in your personal life. An advisor can help with goal setting, review your current financial position and with that information on hand, recommend what your investment strategy should be, going forward. It’s always helpful to have knowledge and clarity before you sign on the dotted line; it is your hard-earned money after all.


Here’s some of the milestones that require the intervention of a financial advisor:


Getting your first job is not just a matter of pride, but it also means that it is a great time to consider setting aside some money on a regular basis. This is typically when most people don’t have loans to contend with, and their disposable income is higher. An insurance policy that offers comprehensive life cover and covers critical illnesses is what is required. It will also help mitigate the resultant financial impact of accidental death and disability. A plan such as iTerm Plus Plan from Aegon Life can address these requirements.


As you move on to the next life stage, it’s likely that you are willing to shoulder more responsibilities than ever before. This could include availing of a home loan, getting married or even wanting to move out of a comfortable job to start up something new. With iTerm Plus, you can choose the level of protection you require at any stage of the policy. Further, you can also increase the life cover if the need arises. For instance, with a child you would naturally be concerned about their education in your absence. What you also need additionally, is to ensure that your cash flow is sufficient to meet the increased expenses over the long term. This is where an insurance advisor can help you put together a robust plan to see you and your loved ones comfortably through.


While retirement may seem like an event in the distance future for now, at some point it does become reality for us all! Instead of planning for your golden years then, starting early is prudent. Again, your advisor should be able to help you put your retirement plan in place, factoring in your current lifestyle and keeping in mind precisely what your future goals are. Of course, in your absence, you’d want to ensure that your loved ones are secure financially. This can be achieved by working in tandem with your advisor. Succession planning is also key to any individual, so be sure that your advisor can help you best plan this as well. Even in your absence, your loved ones can continue to enjoy financial security.


In addition to life stages, there could be instances when you suddenly come into money, be it by way of an inheritance or even a sizeable bonus at work. An advisor can step in here as well, and help you plan your investment strategy and understand the taxation structure. Further, it’s prudent to seek counsel from an advisor if you’re planning to take the self-employment route, or own a business. A trained advisor will ably guide you to separate your business transactions from your personal accounts. This ensures a hassle-free tax season for you, and gives you a very clear idea as to how much you can invest and what is at your disposal to spend.


Of course, there needn’t necessarily be any reason to consult a financial advisor. An advisor can serve as your guide to basic, prudent financial planning, review your investment portfolio and confirm whether you are on the right path financially.



The last word

Do chalk out a sound financial plan with your advisor and review the same on a periodic basis. Remember to factor in, any specific goals you may have, such as planning for your child’s education, marriage or even your own retirement. There is no ‘right’ or ‘wrong’ time to reach out to an advisor and when it comes to planning for a secure future!


Have you spoken to your financial advisor yet?

II/Mar 2019/4895


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