Answer:Making some changes may come at a cost.
In some situations, savings and investment products are very flexible and adaptable to changing circumstances.
With some insurances and superannuation products however there may be little that can change unless you are accepting of a loss, for example; existing life and health insurance may have been implemented at a much younger (and healthier) age. Changing companies or decreasing levels of cover may not be the appropriate course of action – dependant upon cost and qualification.
In general though financial planning will include a focus to all products with the following criteria:
What is the;
- Risk
- Return
- Taxation
- Liquidity
- Flexibility
Each product should be viewed as part of an overall plan and reviewed regularly by a professional financial adviser.
