Start planning to protect your family from financial disasters

When planning to buy a car, we normally ask the car agent about the car insurance coverage. This is to ensure that if your car is in an accident or stolen or has encountered a fortuitous event, the insurance company will provide compensation according to the terms outlined in the insurance policy.

In the same way, when planning for your finances, insurance is a vital tool for managing risks not only for your properties but especially for your family's future. Financial risks such as loss due to illness, disability, death or business loss can have great effect of uncertainty to the family left behind.

insurance protection
Income Protection with Insurance. Credits: IncomeProtectionOnline

If you have a spouse, kids, home loan payments, car loan payments and credit card bills, what would happen to them if you were suddenly to die? Would your family have enough money to keep the house, car, pay off credit card debt, and send your children to college? Life insurance can provide for the welfare of your family in face of your death.

protecting your love ones
Income Protection with Insurance. Credits: Bethany van Buren

There are several types of life insurance products, which can make it difficult to select the right one for your family and your financial needs. Here are 5 suggestions on how to choose the right life insurance policy.

Factors to consider when buying life insurance:
  1. Your Age
  2. Your Health
  3. Your Monthly Fund Allocation
  4. Type of Insurance you will buy

Health Insurance. Credits: flirtcr