3 things a family should do to be financially secure
Are you a young family with small kids?
By the way, did you just buy your dream house where your little munchkin started to make the first steps?
Certainly, the greater your financial responsibilities are, the more important is to consider the financial strategy for young families to put in place.
A financial strategy that protects you and your loved ones from unexpected events.
Of course, the best time to secure your family’s future is when you and your partner are still young and healthy.
Let me ask you:
What will happen to your family if you suffer an unexpected accident or illness?
How your mortgage loan, car payments, childcare, everyday living expenses, and other obligations to provide for will be paid?
Or, even worse, how your loved ones will manage financially if you are no longer around to support them?
Fact is, you don’t want to be a victim of the dreaded syndrome “It will never happen to me”.
So, it will be better to make sure you’re looking after those you care about the most before it’s not too late.
The first thing that you should protect is your life and the life of your loved ones.
Probably, you don’t want to risk your family’s financial security if you will pass away unexpectedly.
The good news is that Life Insurance can be an asset.
It will provide a lump sum cash payment for your family.
Plus, all this money can be used as:
– an income for your spouse
– a fund for your children’s education
– a possibility to pay off debts and mortgages
The second thing in a financial strategy for young families, that you should take into consideration, is to protect your health.
Think about how long you and your partner could continue to live the same lifestyle if one of you no longer has income due to an accident, injury or serious illness.
An illness or accident can put everything – your career, home, car, vacations, children’s education – at risk.
Quite honestly, Disability Insurance is important.
You might also want to consider a Critical Illness Insurance. Many people start to experience health problems such as cancer, stroke and heart disease. This insurance will provide you with a lump sum payment to help you recover from your illness.
My advice is to apply when you are still young and healthy to be sure you can qualify for these coverages.
The third things to consider in the financial strategy for young families are the savings and the emergency funds.
Now, that you have children, you’ll also want to look into RESP’s or other options to save for college. In fact, post-secondary education is extremely expensive. But, it can become much more manageable spread out over 18 years.
And you know what?
You should have long-term savings, emergency funds and keep debts under control, too.
There are many solutions that can be tailored to meet your financial security needs and fit your budget.
You can request a free insurance quote here.
Or, complete the form below if you have any questions and you are looking to find solutions that suit your financial needs with competitive rates that meet your budget.