Financial Security Checklist – Starting a family brings changes in daily expenses, medical expenses, housing expenses, and indeed the ongoing living expenses. With a new mouth to feed, you should be ready for all the little costs that quickly add up. In today’s world, careful planning is essential because of the uncertain economy, high unemployment, and less job stability.
Hence, thoughtful financial security helps you with the cash flow and incorporating these likely changes. To have a solid financial plan for the future of the family, you should go for investment. As daunting and uncertain as investments might sound, it creates a level of certainty of having the affordability of your family’s future lifestyle. Here is the checklist that you should follow to ensure financial security for your family:
1. Invest in a Good Monthly Income Scheme
When you are starting a family, the primary goals that will come up will be ? child education/marriage, wealth creation, and retirement. There are cases where, due to unfortunate mishap, death of the insurer might occur. Having an investment plan works in such cases. However, there are cases where your family might not able to make a proper financial plan regarding the lump sum they’ll get after the maturity of the insurance plan. What can do to tide over this is to get is a term insurance plan with monthly payouts. The staggered payouts can help you help with the basic things so that your family doesn’t have to worry about them consistently.
You can achieve them all with monthly income schemes like ULIPs, retirement plans, online savings plan, and so much more. A monthly income scheme ensures that in case of any crisis or death your family can take care of even the smallest needs, like grocery, ration, utility bills, without being bothered about taking any loans or waiting for the lump sum money at the end of the plan.
2. Go for a Health Insurance
It is natural that when you take the big step of starting a family, you have a lot of concerns regarding financial planning. The world that we live in is full of uncertainties. One of the major concerns that you must ponder upon is saving money for medical emergencies. After all, saving is all about protecting your family from any crisis that can affect them. The best way to cover your family is through adequate health insurance. With comprehensive health insurance set up, you can protect yourself and family from the rising medicinal services costs, particularly when it comes to medical emergencies, where you may need to settle on an expensive, yet an ideal treatment.
3. Buy a Term Plan Insurance
A term plan insurance is another major decision that parents often forget to think about. When you are starting a family, you should never underestimate just how much money your family might need in case something happens to the income provider. The term insurance plan provides life cover. The highlight of this financial instrument is that even if you expire during the term of the plan, the nominee of the insurance will be paid the death benefits. The premium in the term plan differ from one company to another, and as the tenure of your policy increases, the premium for the same sum assured gains.
Hence, having invested in the best term plan helps you not only continue with the investment scheme in case any unfortunate event happens, but also helps your family after the maturity of the policy. Online term insurance plans from reputable insurers such as Max Life Insurance offers best term plans and you a chance to deliver a lump sum for your family with variable payout options, i.e., you may choose for a large amount of payment of the insurance benefit to your nominee or in the form of regular payments.
With this smart financial planning’s, you won’t need to brace yourself for financial struggles ahead. After all, the choice of starting a family isn’t a financially rational one, and it is purely emotional!
