(collaborative post) As a parent, I strive to do things that will support and protect my family. We all want the best for our loved ones. Sometimes by putting things in place well in advance it means we can cover every eventuality. There are numerous things that we can consider. It’s not always something we talk about with friends and family but something that is important to us all. Here I will discuss the main areas you’ll need to look at that will help you on your way to protect your family financially as it’s not just having money in the bank that is important.
Be Smart with Savings
Having savings can help your family no end once you are no longer around to help them. Unfortunately, savings will not last indefinitely. Investing savings into something that can provide them with a regular income is be far more valuable. This is why property investment is so popular. This is one of the best form of investment, guaranteed to bring in an income and far safer than investing in stocks and shares. You can find out more on my post Buy To Let Getting Started. You will find all the information you’ll need there.
There are all sorts of Things we Need to be Saving Money For as adults. Being smart about this will benefit us all. It makes sense to make our money work for us to help make living our lives easier.
Life Insurance
When we were in the process of buying our property one of the things we did was to take out life insurance. This was set up in case the unthinkable happened to either myself or my husband. It would mean that money wouldn’t be an issue in regards to paying off any outstanding debts to make life for the spouse left behind a little easier. This sort of thing becomes even more important when you throw 3 children into the mix.
Critical Illness Insurance
Not necessarily something we even consider until it’s generally too late. for this the reason I’ve added it as a separate topic to highlight its importance. Many won’t even have heard of this insurance before. This insurance policy pays out a tax-free lump sum were the insuree is diagnosed with an illness that is covered by the insurance policy. Critical Illness Cover can cover many serious illnesses and can be bought individually or alongside life insurance cover. There are various types available to cover different illnesses. Conditions include multiple sclerosis, stroke, heart attack, specific cancers etc. The money can help arrange medical care, transport to and from medical appointments etc. This means you won’t have to dip into savings or borrow money to pay for medical bills or any other medical expenses.
A Will
No one knows what life has in store for us, therefore, we should all consider having a Will in place. This becomes even more vital once you start having children. By not doing so, we leave the decision of how our estate (money, possessions, and property) are divided up and awarded in the hands of others. By having a Will, you have control of what goes where. That way you ensure this goes to the people and causes that mean the most to you.
Paying Off Debts
We all need to look at paying off debts we have accumulated over our lives. With careful planning and budgeting, it can be done. Look at unnecessary expenses and redirect the funds to pay off the highest interest debts first. Failure to pay off debts will impact any inheritance we leave to our children and others. Paying off debts as quickly as we also reduce the amount of interest it will incur so effectively we pay less.
What would you suggest to help people protect their families financially?
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I’ll like to add: teaching your kids handwork and allowing them to be innovative. Should anything go wrong and for some reason they can’t have access to what you’ve left for them, they’d at least have something to fall back on.
A good education is important. It helps them create a good life for themselves even without our help.
All great tips, especially the paying off debts, will and savings. No one wants their family on the hook for funeral expenses and debt at the same time.
Thanks Kemi. It is hard enough to cope with a death in the family. Having a financial burden to add to it is extremely stressful.
Great tips on ways to protect your family financially in case of an accident or tragedy! I recently lost my own mother and have been dealing with her life, estate, and bills left behind. So many of these points resonate with me right now. Personally, I also recently got married, so now I have made a list to create a will and consider another life insurance plan so that Darcee, my wife is financially okay for the future.
Oh no Eric. I’m so sorry to hear that. It’s good you are preparing just in case so your new wife doesn’t have to worry if something happens.
Melanie, these are essentials to keep in mind, you’re right. As I grow more into adulthood, I see how uncertain life is and thus how meaningful it can be to ensure stability in some areas.
It’s true, you never know what’s around the corner. It’s best to be safe than sorry.
Insurance, will and no debt is a must for me, i work a lot of get there fully
I’m in the same boat. The faster you can be debt free the better.
This is really informative. I loved reading it! Thank you so much for sharing
One way I’d suggest to protect your family financially is to teach them. Show kids how to save, shop, bank. So many kids don’t know or appreciate the value of money.
That’s very true. It’s up to us to teach them to understand this.
First of all your kids look really lovely. And yes there are several things financially where we need to protect our family. And saving money is always important. Life Insurance and will had always been there. But these days medical or health insurance has become important to help in case of a medical emergency and one in the last this point which you have mentioned paying off debts that is actually a critical part which I think you could have mentioned in the first place because often when a person passes away without paying off their own debts children face troubles so people should try not to keep debts. And Savings is compulsory!
Aaahhh thank you. They are good kids luckily. These are areas we need to consider and not listed in order of importance. Paying off debts is very important though.
With all the certainties happening now, this post is very timely and important to read. Thank you for sharing these ways to protect our families financially. We just started investing on insurance and I agree with you the critical illness coverage is very important.
Thanks for visiting Clarice. I’m glad you found the post useful.
Lots of helpful tips here! We really need to organise ourselves better when it comes to these things, so thank you for the guidance 🙂
Not a problem. I’m glad you found the post helpful.
My folks have joint life insurance but they really need to sort out their wills. Great suggestions and so apt in this day and age!
This is such a great post, this year has been so tough and we would not have come through without savings
It has been tough. Without savings, many would have been in serious trouble. I can imagine those that haven’t saved are really struggling.
A great post to give you the nudge to make sure your family are protected, we need to update our wills but can not do that until next year
Ha, saying that I need to check everything is still up to date. There is so much to consider. Hope you’ve most of it covered.
Some great suggestions here to protect your family. I need to look at some of these. I am going to add them on to my to do list!
Glad to hear you found this useful Rowena.
Great tips on how to protect your family financially. I think many people forget to sort out life insurance and a will but it is so important.
It is something that many can overlook assuming it isn’t important. The problem is you never know what’s in store. Best to be safe than sorry.
I really need to look more into our finances and sort out a plan as we just spend and don’t really know what’s coming out
It’s important to keep an eye on spending. It’s worrying how quickly we can get in trouble otherwise.
Oh my, this has just been a massive kick up the bum for me. I really need to sort out my finances and make sure I’m pocketing away money, just incase something does happen.
These are such great tips, thanks for sharing! I think in current times lots of us are worried about finances etc so these tips are all vey helpful. I think another thing to remember is to be open and open with yourself and your family. Don’t hide debts or worries etc, talk with people about it so you can come up with a solution rather than a secret.