How important is child insurance and how does it affect a family’s financial planning?
This is a question I’ve been getting over the last 6 months. I think I’ve welcomed more than 5 newborns to my wonderful clients (and more to come!).
The new parents that I've spoken to recently are all excited and nervous at the same time.
Welcoming a bundle of joy is definitely one of the most life-changing moments one can ever experience. And along with it comes new responsibilities and even more considerations.
Based on our experience, one of the most frequent questions we get is: How can I secure myself and my child's future?
As with most things in life, there's no one-size-fits-all solution here.
However, there are some tips that I believe can get you started to evaluate how comfortable you are and where your financial gaps are.
Here are just some advice that I can share:
Set aside 3 to 6 months of expenses as your Emergency Fund
Insure yourself and your dependants
Start saving towards tertiary education
Update your Will
Additional Reading: Why Is An Emergency Fund So Important? (And How You Can Build One)
Are you a new parent / parent-to-be?
Naturally, it is paramount for parents to protect their child(ren).
And having child insurance is one way of doing so.
Not only does it safeguard your child's future, it also helps you with planning your family's financials. It helps to cushion any extra expenses due to unforeseen circumstances and keep things afloat so you don't have to scramble for extra funds for regular, daily expenses.
But what kind of insurance should you get for your child?
Find out more in our finexis's downloadable quick read: A Pocket Guide for Parents: Child Insurance!
You can download this via: https://bit.ly/ParentPocketGuide_ChildInsurance
Feel free to share It around, especially with other parents! Hope it’ll answer some of the questions they may have been having on their mind 😊