Important issues when you get married
✔ Insurance cover
✔ Beneficiary designation
✔ Pension payments
Does your insurance cover match your life as a spouse?
When you get married, you ought to pay special attention to how you and your spouse are covered if one of you get seriously injured or fall seriously ill. Being two allows you to provide each other with a financial safety net to ensure that one of you is not suddenly put in a financially unstable situation. Therefore, it is important that you review your insurance cover and ensure that it matches your new life situation.
Go through the Insurance Guide at My PFA
Who will receive the payout from your pension plan when you pass away?
When you are married, your spouse will generally receive the entire payout from your pension plan. It is important that you consider whether this is how you want it to be. For example, you can choose to leave money to your children or others you wish should receive a part of the payout from your pension. In that case, you need to complete a beneficiary declaration.
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. When you are married, your spouse will generally inherit 50 % or your wealth while the other half will be distributed between your children. If you or your spouse has children from a past relationship, you may prefer another distribution, and, therefore, it may be a good idea to draw up a will.
Read about will and inheritance
If your marriage means greater financial breathing space, it is always a good idea to consider whether you ought to increase your pension payments. This can help heighten your standard of living when you retire.
See what effect increasing your payments will have