Good Teen Years – What You can do as Parents
Watching your kids evolve from children to teenagers can be both exhilarating and nerve-wrecking. Your once clueless babies are now young adolescents itching for independence and craving for exciting new experiences (that you may not always approve of). This is the time that you might want to take a step back to re-evaluate how you can continue to support or provide for your kids without holding them back from the infinite opportunities that lie ahead.
So how can you play a part in your kids' teenage years?
Loosen the reins
Your heart may break a little knowing that your kids are no longer dependent on you for most of their daily needs. They may also have their own strong opinions on subjects and refuse to follow instructions. While you may feel the need to protect them from their mistakes, giving them the opportunity to face challenges on their own and fail, can actually help them in their development to navigate the world on their own. Give them a safe boundary to try and fail, but always let them know that you are there to catch them when they fall.
Don't just be a spectator - Spend time with them!
While you are trying to be an accommodating parent by giving your kids their personal space, don't disappear from their lives entirely. You can still help with little tasks and activities to maintain the connection with your kids. Take your kids to the stay over that they badly want to go for. You can even be the cool parent who would help to organize a stay over or pizza party in your own home! This way, you can continue to be a part of your kids' lives without being too intrusive.
The gift of financial security
It is also important to ensure that your kids are well provided for financially during their adolescent years and in the future to come. This can be done in different ways such as putting aside money in a separate deposit account to save for your kids' future, building up your investment portfolio for good returns years down the road or ensuring that you have sufficient CPF contributions that can be used for your kids' university fees.
You can also look to Income for solutions to your financial and protection needs. As a social enterprise, Income is committed to making insurance and protection available to all segments of society, and is committed to helping you build a future the way for you and your loved ones.
Insurance plans, such as Gro Cash Flex and Luxe Solitaire, provide cash payouts a certain year onwards, which would be useful for you and your kids.
These payouts can be used to fund your kid's lifestyle expenses or accumulated for your kid's education fund, future wedding or dream house. In the event that you are well-prepared financially, you have the flexibility to use these payouts for other purposes, such as to supplement your own retirement plans.
You can also use these plans to preserve your wealth over generations by purchasing these plans and insuring your child from the start, you will be able to enjoy the cash payouts until the policy is transferred to your child. He or she will then continue to enjoy these cash payouts up to age 100. Should your child pass on during the term of the policy and before age 100, your grandchild will receive the death benefit in one lump sum.
In addition, these plans provide insurance coverage against death and total and permanent disability, as well as additional protection against accidental death and accidental total and permanent disability for a specified period of time. This coverage can provide your kids with the necessary financial support to tide through their growing up years in the event that something unfortunate happens to you.
This article is meant purely for informational purposes and should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income products mentioned are specified in their respective policy contracts. For customised advice to suit your specific needs, consult an Income insurance advisor.
This advertisement has not been reviewed by the Monetary Authority of Singapore.