Getting Advice - Related Q&A's

You should seek advice sooner rather than later. That would give you time to decide on a strategy and become comfortable with that strategy. There will be enough other things happening in your life at retirement without having to grapple with major financial decisions.

There are a range of options available including cashing in, converting to mature, making the policy paid up, or continuing to pay premiums. If the annual premium is only small it may be an option to retain the policy and use it as a prepaid funeral plan. A good adviser can explain the options to you and help you decide.

It is definitely worth considering. Often small super balances are “lost” when people change employers or move home. An adviser can help you track down small super balances and consolidate to one super fund.

Our suggestion is that you talk to a Certified Financial Planner who can explain clearly to you what services they can provide and what the costs will be. All fees and commissions must be disclosed to you so you know how much you are being charged and how much remuneration they are receiving.