How To Secure Your Family
May 24, 2018
Living your life comfortably with your family is what everyone wants. However, the question is “Does everyone get this comfortable life?”
For most of us, working adults work is an essential responsibility, and we endeavor to do best at it. Step-by-step we are moving up in the business hierarchy to provide our family with a comfortable lifestyle. However, have you ever supposed, what will happen to your family if some mishap occurs to you? Everyone at one point or another be it during air turbulence in an airplane or any other life threatening situation think about this.
The saying “Prevention is better than Cure” is always correct.
Securing the financial future not similar to rocket science. Here are some small things you should start from today to have a secure future for you and your family.
- Sufficient Saving for Emergencies:
While growing up, we were always reminded of significant of saving is for rainy days. The idea behind saving is to have an adequate amount of money when a sudden emergency arises, without having to rely on borrowing cash from the bank or selling the assets.
The first thing you need to make sure is to have saving that would equal to at least 6-7 months of your average monthly expense. If you think that is isn’t enough that increase the number of months to nine or a year.
This significant amount of saving will get you past any emergencies like losing the Job or need some extra cash to buy the house or any other thing.
Emergencies can also occur at your home if there is an intruder attack. You must always be prepared for that. If you own a handgun then you should always keep it inside a leather 1911 shoulder holster so that you can keep it under your bed or close to you. Or you can purchase best biometric gun safe for money as it is very secure and only you can open it whenever there is an emergency.
- Protection through Policy:
There are many insurance policies available depending on different situations and on what kind you need.
- The most common insurance that every working adult need to have is the Life insurance policy. In a life insurance policy, your dependent is paid a lump sum amount or monthly payments if you unexpectedly die. Life insurance reassures that your family will be able to manage economically without you.
- The Income protection insurance policy is aimed to support you in case you cannot work due to an illness or an injury. This policy is mainly related to people who are self-employed or people who don’t get sick pay.
- Short-term insurance income protection plan is similar to the above income protection plan only difference is that it will provide you will payments for a limited amount of time.
Similarly, there is many different insurance policies available search for them according to your need. If thinkable, try to take more than one insurance policies.
- Asset Arrangement:
People buy different assets like house, cars or any other real estate as an insurance policy for them or their families. When there is an emergency, you can sell some of your assets and make money.
The assets that you have bought are given to their rightful beneficiaries. Now the important thing is that you should always write your will whenever you buy an asset. Not writing the will can be more complicated than we think.
For example, if you have not written your will, then all your assets will be automatically dispersed between your family according to your Country Succession Act. In Singapore, the assets are distributed between your wife and children and not given to your parents. So, if you wanted to provide them with some to take care of their old age, then it’s not possible.
Therefore, always arrange your assets accordingly.
These were some of the solutions to secure the future of you and your family.