Safeguard your family

Protection also involves having emergency cash set aside for urgent needs. A common guideline is to build an emergency fund that covers three to six months of monthly expenses, which provides quick access to money when unexpected situations arise.

A family’s financial stability often depends on one or both parents’ income streams. A good starting point to protecting the family is to ask yourself, “Do I need income protection?” and reflect on how your family will be affected should your (and/or your spouse’s) earnings be interrupted due to death, illness or injury.

Make sure you and/or your spouse have adequate health, life, and personal accident coverage to help maintain stability during recovery, reducing the strain on daily finances.

While dependents may not contribute to the household income, coverage for hospitalisation, accidents, or critical illness may be something you want to consider, to ensure that they’re able to get the care they need, should anything unfortunate happen to them.

Many in the sandwich generation also care for ageing parents, whose medical costs will only increase as they get older. Make sure to review what existing plans your parents have for hospitalisation, accidents and critical illness, and bolster their coverage where needed.

The family home is often the biggest asset the family has, and represents financial commitment and emotional security.  Home insurance safeguards against loss or damage so the family’s financial and emotional investment remains protected.

Family needs change as life progresses. Speaking with an Income advisor can help clarify protection goals and ensure that coverage, savings, and emergency funds remain aligned with what matters most to the family.