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How to protect your family financially
Protecting your family at any time is important, but during difficult times, you want to be extra careful. By saving, obtaining insurance policies and setting aside emergency funds, you will be on the right track toward protecting your family financially.
Life insurance
This is one of the first things you should consider when thinking of ways to protect your family financially. You never know when your time is up, and you definitely don't want to leave behind any financial worry.
When thinking about how much your beneficiaries will receive, don’t just add in your daily bills, but also funeral expenses and how much it will cost to pay off your debts.
A lump sum from a life insurance policy, such as R100,000 paid out when you die is the sure-fire way to protect your family when you are no longer able to provide for them.
Disability insurance
Disability insurance protects you if you become disabled and are unable to work temporarily or even permanently.
Depending on the type of policy, you can be protected for both. You pay a monthly premium and are paid out either a lump sum or a monthly amount, or both.
Funeral insurance
If someone you are responsible for dies, you will need the money for a funeral. A funeral policy will help in such an event. For a small monthly premium you receive a lump sum if any person named on the policy dies. If you have a policy for yourself, your family will get the money.
Emergency funds
Saving is key to protecting your family financially. If you don't already have one, set up a family budget so that you begin cutting back on unnecessary expenses and create enough extra income to save for emergencies.
Your goal should be to have enough saved so you can pay all of your monthly bills off for at least eight months.
Your retirement
Many people fail to plan properly for a happy retirement and very few retire with a pension fund. The younger you are when you start a plan for retirement, the better.
A retirement annuity is like having your own personal pension scheme. You get a monthly amount when you retire.
An endowment policy can have both savings and life cover attached. It pays out a lump sum which you can invest to give you a monthly income in your old age.
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