We all have dreams and plans for ourselves and our loved ones. It may be as simple as going on a trip to Europe, or paying off your family home. We want to believe we are working towards a goal, having somewhere to head to, dream of and believe in is important. But, are your dreams protected from the uncertainties that may lie ahead?
The reality is that many households are struggling. Families face difficulties servicing their growing debt. Around 50% of urban households don’t have any savings, and 20% would only be able to survive for less than three months if they lose their sources of income. So how can you financially protect your family’s dreams, even if you can no longer earn an income?
Here are three things you need to do:
We all have dreams and plans for ourselves and our loved ones. It may be as simple as going on a trip to Europe, or paying off your family home. We want to believe we are working towards a goal, having somewhere to head to, dream of and believe in is
1. Prioritize protection for your loved ones
It may be tough to juggle your day to day living expenses while working towards achieving your long-term goals. However, to protect your family over the long term, you need to optimise your spending in the present, so that you can build your savings and create a lasting financial legacy.
Make room in your current finances to protect the future of your loved ones. One way to do that is to channel some of your savings into an investment linked protection plan.
We all have dreams and plans for ourselves and our loved ones. It may be as simple as going on a trip to Europe, or paying off your family home. We want to believe we are working towards a goal, having somewhere to head to, dream of and believe in is
2. Plan for your child’s education
For most parents, the biggest financial priority is affording their children’s tertiary education fees. Whilst putting aside a fixed amount of savings every month towards your children’s education fund is wise, saving alone may not be enough.
If your ability to earn is compromised, or if you pass away unexpectedly, you’ll need a protection plan that ensures your child stability. The right life insurance plan can provide the protection that your children need in the event of death or total permanent disability.
We all have dreams and plans for ourselves and our loved ones. It may be as simple as going on a trip to Europe, or paying off your family home. We want to believe we are working towards a goal, having somewhere to head to, dream of and believe in is
We all have dreams and plans for ourselves and our loved ones. It may be as simple as going on a trip to Europe, or paying off your family home. We want to believe we are working towards a goal, having somewhere to head to, dream of and believe in is
3. Create a financial safety net
Are you responsible for financially supporting your family? What happens if you can no longer earn an income, or you pass away unexpectedly? As a parent and especially as a breadwinner, you need to consider how to keep your family financially secure, even when you are no longer around.
Consider investment-linked life insurance plans – an all in one plan that can provide financial protection as well as potentially grow your investments. Parents should start saving and investing when their children are as young as three or four years old. You cannot predict unfortunate events such as sickness, disability or death. However, providing financial protection for your family in case these events happen is something you can be in control of.
