Caring for your family when you are no longer able to

Paying off debt is only one part of the solution. What about your ongoing living expenses?

Generally, families rely on a regular income to provide for their living and education expenses, as well as toys, school uniforms and the latest sneakers' But what happens if this ongoing provision is interrupted?

In the event of death, permanent disability or the occurrence of a serious medical condition of the household's income earner, this can very quickly upset the family, their finances, and their way of living. If something should happen to the breadwinner, the emotional strain on your family could be very hard. Through careful planning, there is no need for this situation, to be made worse with financial worries.

How does the strategy work?

Firstly, you will need to sit down and list your family's financial needs such as household expenses, loan repayments, children's education and so on. You then need to consider how long you would like your family to be financially supported if anything should happen to you.

Once you have decided on an amount, you can then consider life, total and permanent disability and critical illness insurances which could provide a lump sum amount to start a future income stream for your family.

The Benefits

• You can provide a more financially secure environment for your family.
• You can relax knowing you have taken an important step in protecting your family's financial future.
• The invested lump sum can be used as the primary source of generating an income.