Are You Covered? Insurance And Planning Ahead

The outline plan for creating your Options

As part of your Personal Plan for Your Financial Security first think about covering the What Ifs!

First let’s look at laying down the foundations. What if something happens to stop your income?

What if you are ill and unable to work? If employed, how long will your company pay your salary for until you can return to work.

If you are self-employed, look into taking out an insurance plan that can pay an amount to supplement your income. That’s why you also need an emergency fund – for just in case moments.

If you are employed you could consider taking out one of these insurances to begin paying out after your employer reduces your income or stops paying altogether.

What if you have a very serious illness or very serious accident that leaves you unable to continue working?

Unfortunately, this would have devastating effects and turn your world upside down – and your family. There are insurances that will pay out a lump sum if this were to happen. This would allow you to adjust your life style and not be pushed into financial ruin.

Then if you have a family financially dependent upon you, you need to consider how they would cope with the loss of your income for the household budget. Life assurance will provide either a lump sum or a regular amount for a period of time, to the right person in the event of death.

So that’s the foundations covered to put your mind at rest and give you or your family Options in the case of bad luck.

Next…

Let’s look forward to the smiley events

From your budget, set aside a regular amount to build up your investments and retirement portfolio.

With careful planning, you can look forward to having financial independence for you and your loved ones to live life on your own terms. That will come from having Options for Your Financial Security.

All of this comes from taking the time to sit down and write out your plan for the life you want for yourself and your family.

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TIP: Plan the Big Picture for Your Financial Security

- Go in with your eyes open

- Do not trust to luck.