Get your paperwork in order this Easter weekend

While planning your Easter weekend, don’t forget to make sure your paperwork is up to date, this is just as important as booking your accommodation for your family trip. The reality is, anything can happen at any time.

Below Stian de Witt, CFP®, Executive Head of Financial Planning at advisory firm NMG Benefits offers his essential tips:

Review your life insurance

Spend some time revisiting your life insurance policies so that they are accurate, complete and up-to-date, and confirm the scope of your cover as well as the exclusions. (Remember that ‘life insurance’ includes your life, disability, dread disease, income protection, and funeral cover.) De Witt says that the main reasons for life insurance claims being rejected are non-disclosure of material information and unpaid premiums.

Check your beneficiary forms

Ensure that you’ve submitted up to date beneficiary nomination forms for your life and funeral policies, as well as your retirement savings. Without them, pay-outs can be delayed, or redirected into your estate where they may incur executors fees.

Evaluate your medical and gap cover

Check your medical scheme benefits, and make sure that you know exactly what you and your family are covered for. “If you don’t have gap cover then add it now. This is an additional policy that bridges the gap between what your medical scheme pays, and the actual costs of certain services, consultations and procedures,” says De Witt.

Arrange travel insurance

For international holidays, travel insurance is essential. It typically covers unexpected costs like cancelled flights, necessary additional accommodation, and emergency medical evacuation. Get quotes from your travel agent or search online for a reputable provider.

Share access to your bank accounts

Give your spouse or someone you trust access to your bank accounts. This ensures that your family won’t face financial difficulties if you’re temporarily unable to manage your finances.

“If you’re not sure how to organise your documents, policies and plans, a professional financial adviser can guide you. Advisers can help ensure that everything is in order and also keep copies of your critical documents for added security,” says De Witt.