Important issues when you move
Important issues when you move
✔ Insurance cover
✔ Beneficiary designation
✔ Will
✔ Pension payments
What is important to remember when you move?
When you move from one home to another and the housing costs increase, your insurance cover may need adjusting to match your new budget so that you can stay in your home if you should fall seriously ill or lose part of your occupational capacity. Conversely, if moving means more money at your disposal, you may consider increasing your pension payments so that you will have more money to live on when you retire.
Are you moving in together?
If you are moving in together with your partner, you can secure each other financially if one of you should fall seriously ill or pass away. You do so by checking that the insurance cover included in your pension plans matches your life.
Go through the Insurance Guide at My PFA
Moving to live by yourself?
When you move by yourself - regardless whether you separate from a partner, a roommate or you leave home for the first time – it is a good idea to consider whether your pension plan matches your new situation. You may need to check both your Pension Estimate and your insurance cover.
View your Pension Estimate at My PFA
Check your insurance cover at My PFA
If you have previously designated your ex as beneficiary, and he/she is no longer to receive the money from your pension savings in the event of your death, you need to complete a new beneficiary declaration to ensure that the payout is made to another beneficiary. Please note that this change does not happen automatically.
Read about beneficiaries
Can you stay in your home if you fall seriously ill?
If you fall seriously ill, a solid financial safety net can make life a little easier during a difficult time. Depending on the insurance cover included in your pension plan, you can get both a lump sum and regular payouts from PFA, which can be of great importance to you and your family.
Go through the Insurance Guide at My PFA
Have you designated the right beneficiaries?
A beneficiary designation is an agreement on who PFA should pay out the money from your pension plan to in the event of your death. Often, you will be able to choose who is to inherit the money or part of it, and, therefore, it is important that you check that the right people are secured. This can be of great importance if you live with a partner - both with and without children - as you can ensure that your family will be able to stay in your home.
Read about beneficiaries
Who will inherit your money?
A beneficiary designation is an agreement on who PFA should pay out the money from your pension plan to in the event of your death. It is also a good idea to consider who should inherit any other wealth you leave. If you are married, a part of the inheritance is given, but it can turn more complicated if you are unmarried or, for example, have both your own children and stepchildren. The decision can be of great importance as it, among other things, can affect whether your family will be able to stay in your current home.
Read about will and inheritance
Do you have money at your disposal after a sale?
If you have a decent amount of money at your disposal after selling your home, you may consider increasing your pension payments. This may allow you to retire earlier or provide you with a larger amount to sweeten your retirement when the time comes.
See what effect increasing your payments will have