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When we become parents, suddenly life becomes a minefield of ‘what ifs’ which our little bundles need to be protected against. What if they were to fall down the stairs? What if the cat was to sit on their adorable sleeping head and suffocate them? What if they put their inquisitive fingers in the plug socket? Any good parent will automatically take sensible precautionary measures to ensure that none of these potentially disastrous events will ever occur.
But have you thought about the financial ‘what ifs’? These are just as important but many couples are so busy with the day-to-day whirlwind which small children create that they omit to consider their new financial responsibilities.
Here are three important ‘what ifs’ to consider to safeguard your child financially:
There is no getting away from the fact that children are expensive. US government estimates put the cost of raising a child until the age of 17 at over a quarter of a million dollars. Ouch! That’s all well and good if you are working and earning enough to support your family but what if you lost the ability to work because you got cancer? What if you were struck down by a debilitating stroke? Critical illness insurance is there to take away those worries and guarantee the financial stability of your family whatever the future holds. If you don’t have any, make it a priority to get a policy in place. If you do, review your requirements and adjust them to meet your increased financial responsibilities.
It’s not nice to think about your own mortality but you must. While you can’t protect your family from the emotional fallout of you dying, you can at least ensure they are taken care of financially by putting in place sufficient life insurance to cover their living requirements if you were no longer around to bring home the bacon. An expert can help you assess your needs.
You also need to address the issue of guardians should your children be left orphaned. You can do this in your will and, while you are at it, why not discuss with a professional how best to plan your estate to protect your assets for your children should the unthinkable happen.
Any parent of teens will tell you just how quickly that helpless infant will grow into a headstrong adolescent ready to forge their own path in the world, invariably an expensive one! All parents want the best possible start in life for their kids and that often involves paying for top schools and universities. If you can stomach it, you can find out the costs involved in university education here!
Financing the best possible start in life for your children will be a lot easier if you start saving now – not only will you have longer to save but your savings will be compounding away and growing as a result. Infinity have a great deal of expertise in this area and can assist.
The desire to protect our children is primordial. While it is impossible to guard against every problem and difficulty that will be thrown their way, planning for these three financial ‘what ifs’ will at least take care of their financial wellbeing.
The Expat Insurance Consumer Guide provides a wealth of information about peace of mind insurance and provides you with all the information you need before you take out a policy. Download the guide for free here.