If you’re the head of the family or your family’s main provider, you’ve surely been confronted with thoughts like “What if something happens to me?” “What if I get sick?” “Who will take care of my loved ones?” This is probably why you’ve taken the huge step to secure your and your loved ones’ future with life insurance.
Financially protecting the life you’ve built for your family is one of the most important investments you’ll make. But don’t stop there! Having an emergency fund, looking after your health, and staying updated on your life insurance payments can go a long way in ensuring you and your loved ones get to enjoy the fruits of your labor no matter what happens!
Create an emergency fund
In case of unforeseen job loss or an illness, having an emergency fund to see your family through for several months can be a source of great comfort. If you’re your family’s sole breadwinner or income source, your emergency fund should at least cover six months to a year’s worth of day-to-day expenses. This fund should help cover all living necessities until you can get your finances back on track.
Additionally, having a gives you an advantage during times of emergency. If you currently have , you won’t need to dip into the other funds you’ve set up for education and retirement and instead use your policy’s accumulated cash value, if available. If you have a , you won’t have to worry about medical expenses and hospital bills as these will be covered by your policy.
Invest in your health
One of the most important things the pandemic taught us is that to take care of our loved ones, we need to take care of ourselves first. Staying in tip-top shape, eating healthy, and getting annual check-ups are just some of the ways to ensure that you’re well enough to provide for your family. And if you do get sick, having a in place allows you to focus on recovery and worry less about medical bills derailing your savings.
Stay updated on your insurance plans
Investing in different insurance products for your health, your , and your kids’ is a great first step in protecting your family’s future. However, if you don’t keep track of them properly, you might lose your coverage when you need it most.
The most efficient way to stay updated with your insurance policies is to include your premiums as line items in your monthly budget. If you’re too busy to keep track of your payment deadlines, setting up an auto-debit arrangement or auto-pay transactions with your account can help you transfer the exact funds on time.
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