Joretha Bothma, Head of Product Development, Underwriting, and Claims at Momentum Life Insurance

The holiday season is a time of celebration where we focus on spending quality moments with loved ones. But it is also an opportunity for reflection to evaluate and strengthen the habits that safeguard our future, both financially and physically.

Why regular life insurance reviews matter

Financial resilience starts with preparation. According to the Road Traffic Management Corporation’s (RTMC) 2023-2024 Festive Season State of Road Safety Report, 1,280 road fatalities were recorded during last year’s holiday period. Motor vehicle accidents were also the leading cause of unnatural deaths in Momentum Life Insurance’s claims data for 2023. These figures highlight the importance of a robust financial safety net, particularly life insurance, to protect against life’s uncertainties.

“Regularly reviewing and updating your life insurance is key to ensuring your family’s financial security,” says Joretha Bothma, Head of Product Development, Underwriting, and Claims at Momentum Life Insurance.

The power of habit stacking

Adopting good habits is often the foundation of lasting resilience. Habit stacking — building new behaviours onto existing routines — makes it easier to incorporate essential practices into your lifestyle.

Here is how to stack financial and health habits effectively:

Step 1: Combine financial and health checks annually

Make it a yearly ritual to:

• Review your financial health: Meet with your financial adviser to assess your life insurance, investments, retirement plans, and beneficiary details.
• Assess your physical health: Schedule health screenings, such as mammograms or prostate exams, alongside a general health assessment to monitor critical indicators like cholesterol and blood pressure.

Step 2: Reflect and realign your goals

Life’s circumstances are ever changing. Events like marriage, the birth of a child, or career shifts can significantly impact your financial needs. Use these moments as triggers to review your portfolio and ensure your financial plan aligns with any major changes in your life.

Step 3: Set reminders to stay consistent

Consistency is the key to success. Mark your calendar for annual check-ins and adjust your plans as needed to reflect evolving priorities.

Prevention: The best strategy for long-term security

Just as regular health screenings help catch potential risks early, frequent financial reviews ensure your safety nets are always in place. Together, these habits create a foundation of stability and peace of mind, empowering you to face the future with confidence.

Protect your future today

As the holiday season approaches, take a moment to reflect on your habits and their impact on your family’s security. Habit stacking offers a simple yet powerful way to integrate life insurance reviews and health assessments into your routine, giving you peace of mind now and in the future.

“By habitually reviewing your health, financial goals, and safety nets, you can create long-lasting financial stability,” concludes Bothma. “This proactive approach ensures you and your loved ones are protected, no matter what challenges lie ahead.”

ENDS