Protection & Insurance

• Can you help me address concerns about identity theft and cybercrimes?

  Increasingly, our financial lives are digitised, with savings, investments, pensions, and protection policies stored and accessed online. At Betterment Wealth, we follow up-to-date cybersecurity practices to ensure client information is protected and processed safely. We also encourage clients to follow the latest advice from IT professionals to keep their data safe, such as always using a secure WiFi connection and avoiding suspicious emails or messages.

• How often should I update my protection plan?

  It is always a good idea to check your insurance policies regularly to ensure that they continue to reflect your circumstances and goals. A significant “life change”, such as a divorce or children leaving home, can also necessitate an update. Working with a financial planner will naturally bring up these discussions as you assess your plan each year.

• How do you help me ensure a continuing income if I cannot work?

  This scenario has two key protection types: income protection and critical illness cover. The former provides a “replacement income” (e.g. up to two-thirds of your salary) if you become injured or ill and unable to work. The latter provides a lump sum if, say, you are diagnosed with a medical condition such as a severe heart attack. We can help you assess the different options on the market for such policies and build a robust protection plan.

• How do you determine the appropriate amount of cover I need?

  A range of factors go into the process. For instance, life insurance will likely be a pressing consideration if you are a homeowner with dependents such as young children. The required cover will probably need to cover the remaining mortgage liability. Your health, family history, age, and lifestyle can also affect the availability, pricing, and required coverage of different protection policies.

• What types of insurance do you recommend to protect against unexpected events?

  For individuals, there are four main types of financial protection to consider: life insurance, critical illness cover, income protection, and private medical insurance. Each serves different needs, and their suitability will vary depending on your goals and circumstances. At Betterment Wealth, we help you consider each option carefully.

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