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Life stages of your client – Different needs for different milestones

FMI recently launched its Income First campaign to encourage South Africans to become more aware of the need to protect their income from the time they are young earners and onwards through each of life’s stages. With this campaign FMI wants South Africans to realise that the most important part of financial planning is in fact, protecting their hard-earned monthly income against the risk of any injury, illness, critical illness and death.

The identified life stages are:

1. Early earner: Mid-20s, single with no dependants, little to no debt. Their income provides for both their lifestyle today and their plans for tomorrow.

Priority: Protect your earning power so you can pursue your passions fearlessly.

2. Adulting: Mid-30s, married with one or two children, an average debt load that consists mainly of home and car loans. Their income is the fuel for their dependants, while they juggle building a career, buying a house and starting a family.

Priority: Protect your earning power so you can pursue what matters.

3. Mid-lifer: Mid-50s, married with older children, relatively low or no debt. Their income holds the futures of those close to them – special family holidays, kids’ education and the freedom to enjoy the moments they’ve worked so hard for.

Priority: Protect your earning power so you can continue to care of your family.

4. Early nester: Early 60s, little debt and kids have left home. Their income helps to build the future of their dreams – reconnecting with their spouse, and exploring their passions together.

Priority: Protect your earning power so you can enjoy the freedom you imagined.

5. Retiree: Early 70s, no dependants, hopefully no debt. Their income allows them to make the most of their golden years, take care of their health and have enough left over to enjoy every moment.

Priority: Protect your retirement so that it proves to be everything you imagined.

“For your client’s in the adulting life stage, they need to have the rights cover in place, not just for themselves, but for their growing family too. And this needs to happen first, in addition to meeting their financial responsibilities like their bond or their business, whilst still continuing to save as much as they can,” Brad Toerien, FMI Chief Executive advises. “The important thing to remember is that no matter what stage of life your clients are in, their income is the constant they’ll always need to rely on.”

Click here to read the FMI media release that highlights the Adulting stage.

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