Life for most people is about working hard, raising our families, enjoying life today while saving for the future too. Most of us are also in the process of planning for our retirement, trying to make sure our later years are a time to be enjoyed.
Unfortunately for some, these plans get upended by an unforeseen event, whether that’s a serious illness or worse, a death. Apart from the grief and upheaval, these events can have a catastrophic effect on you and your family’s future financial plans. Research carried out by Irish Life found that one in two parents are worried about their finances in the future. Their top financial concerns were being taken sick, unable to pay bills and not having enough insurance cover.
However, a bit of forward thinking can help you ensure that financial disaster is not an additional burden to bear if an unfortunate event should strike. Alongside your plans for financial growth and wealth accumulation, it is equally important to underpin your plans with some financial safeguards.
Have a nest egg
For some people, even a short absence from work can result in financial hardship. While saving for the future is of course important, we strongly encourage people to have a small nest egg set aside of a few months income, to cover any unexpected absence from work.
Protect your family’s ability to cover expenses
If you have a mortgage, you should have life assurance in place to pay off the loan in the event of your death. However if you are the family breadwinner, it’s really important that you don’t stop there. We strongly suggest that you have enough additional life assurance in place to cover your family’s expenses, at least until maybe the kids are through college. On top of their grief, life need not be a constant financial headache for your spouse and kids left behind.
Getting sick can be an expensive business
Getting sick can be a financial disaster. Your income can go, maybe even your spouse’s income can be affected if you need their help and care. Unfortunately the bills don’t stop in line with your reduced household income. Often there are also other immediate financial issues that arise – your house may need to be reconfigured to make life easier, specialist equipment may be needed, for some a wheelchair accessible car is needed. All of these require money, and this is no time to be out there looking for a loan.
There are numerous financial solutions available that provide you with the ability to cover your bills, and also lump sum payments to get you over immediate calls on your cash. When we understand your exact family profile and other financial supports that you might have in place, we can design and find the very best solution for you.
Now is the time to achieve peace of mind by protecting your financial future
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