5 Financial products you shouldn’t live without
Achieving your goals and gaining financial security requires careful planning and using the right products. Think of it as a specific vehicle to get you to your destination, but with so many financial products out there, where do you start?
You start by covering your bases to build a solid foundation from which to grow your wealth. These are the 5 essential financial products that will have the biggest impact on your or your family’s financial stability and growth, and not having them could negatively affect your financial future(s).
Retirement savings
For most people, there will come a time when they’ll have to stop working, but they’ll still require an income because their living and medical expenses will continue. It’s important to plan for this time so that you can ensure the money you have in retirement savings gives you freedom, not fear. Without it, you and your family could find yourselves in a difficult situation to maintain your current lifestyle.
From tax-free savings to retirement annuities, there are plenty of options to help you save for retirement and enjoy it.
Funeral cover
A death in the family could leave those left behind with unexpected financial burdens. Even modest funerals can be expensive, and they come with additional unavoidable costs. A funeral plan ensures that your family’s needs are taken care of without having to go into debt. Alternatively, life cover can ease the financial pressure on your family in the event that you are no longer able to provide for them.
Emergency savings
Life happens, but sometimes unforeseen circumstances come with unexpected costs that could put you in a position of taking on too much debt or making a bad financial decision. Having money ready and accessible for more immediate needs provides you with a buffer to cover the expense without derailing your goals.
You can easily open a savings account online and set aside cash specifically for life’s surprises, so you’ll be able to deal with them instead of worrying about how you’re going to pay for them.
Medical insurance
Nobody wants to be forced to choose between a healthy bank statement and a healthy body and mind. Medical aid or hospital plans give reassurance that the expenses of your medical needs will be taken care of. Getting medical care is expensive and often prohibitively so. Paying out of pocket could mean having to delay treatment, settling for different or lesser medical care and taking a large (and often lasting) financial knock.
You can further protect against the financial impact of having to pay for things your medical aid or hospital plan might not cover with gap cover.
Protect what matters
Insurance plays a big role in your financial wellbeing because it provides you and your family with financial security when things go wrong, so you can get the assistance you need to move forward. For example, if you get into a car accident and can’t afford to get it fixed, it could impact your ability to earn an income, which will have its own repercussions. Similarly, if you became retrenched, ill or injured or die, would you and your family continue to maintain your lifestyles? From car and home insurance to income protection and disability cover, there are a variety of insurance solutions available to protect your financial stability.
For more information about protecting yourself and your family and safeguarding your financial future, speak to one of our expert financial planners today.