Life can change in an instant

Andrew Wolmarans

Financial Adviser

Consult Greenstone

One ordinary day can become the day everything changes. The question is, if it did, would your financial plan be ready?

Andrew Wolmarans, Financial Adviser at Consult Greenstone, knows this better than most. A sudden medical emergency changed his life overnight. But while his recovery would take months, one important decision had already been made.

Six weeks before a life-changing medical emergency, he happened to have a gap in his diary. He used that time to review his own financial plan, just as he encourages his clients to do. Looking back, it became one of the most important decisions he ever made.

"The best time to review your financial plan is before life gives you a reason to," says Wolmarans. "At the time, it felt like a routine review. Looking back, it turned out to be one of the most important decisions I ever made."

Because he had reviewed his financial plan just weeks earlier, Andrew didn't have to make financial decisions in the middle of a crisis. His income was protected, his family had financial security, his medical and rehabilitation costs were covered, and his business continued because his team was able to look after clients while he focused on recovering.

The reality was significant: an initial hospital bill of R1.8 million, 62 days in hospital, 58 days in intensive care, 11 operations, around R280 000 in rehabilitation costs and 54 weeks away from work. Yet because his financial plan had been reviewed just weeks earlier, Andrew could focus on his recovery rather than worrying about the financial impact.

"I was out of work for more than a year," says Wolmarans. "My family could focus on helping me recover instead of worrying about how we'd pay the bills. My business continued because my team was able to look after our clients, and that gave me one less thing to worry about while I concentrated on getting better."

For Wolmarans, that's the real value of financial planning. It's not about expecting the worst. It's about making sure the people and the things that matter most to you are protected if life doesn't go according to plan.

"People often avoid reviewing their financial plans because they don't expect anything to change," says Wolmarans. "But life changes. Families grow. Incomes change. Businesses evolve. Your financial plan should evolve too."

A financial review isn't simply about updating policies or increasing cover. It's about making sure your financial plan still reflects your life today and continues to protect the future you're working towards.

None of us knows what tomorrow will bring. But we can decide whether we're prepared for it.

After all, the best time to review your financial plan is before life gives you a reason to.