How To Secure Your Child's Future Through Life Insurance?
A Child Insurance policy protects your child's dreams while also providing you with the financial support you need to help them achieve their dreams. As a parent, your foremost duty is to see that all of your child's needs are addressed. If your child dreams of being a doctor, a pilot, or perhaps a musician, he/she should never have to divert from their dream due to the lack of finances. So, as a parent do you have sufficient funds to support your child’s dreams and ambitions?
In case the answer to that is no, it’s time you invest in a Child Insurance policy today! Our personal financial plan frequently includes investments that will yield a specific amount of money in the future. Many of these investment products however,, often overlook or rather do not cover for one biggest uncertainty all us human’s face- LIFE!And if anything, Covid-19 has served as a powerful reminder to everyone of how unpredictable our lives can be. With a family depending on you financially, Life Insurance should be an important part of your investment strategy for your child's future.
Here are some key factors on how Life Insurance can be instrumental to secure your child's present and future:
Be prepared for the downside
In the tragic event of the insured parent’s demise, Life Insurance can protect the financial security of the entire family. The sum-assured ensures that the child's education and other future goals can continue uninterrupted, despite the loss of a regular income. While the family deals with the physical and emotional effects of the demise of your loved one.
Child’s policy is affordable and adaptable
Parents can choose from a variety of Life Insurance Plans, starting with Guaranteed Money back policy, which depending on the plan chosen, not only acts like income stream at regular intervals but also pays out a lump amount if the policyholder dies prematurely during the policy period, for a reasonable premium.
Who should get life insurance and how should they get started?
Since Life Insurance protects your life against unanticipated occurrences for a definite length of time, Life Insurance should be an essential aspect of a portfolio for young, families with children right at the onset of starting a family. You can ensure that your family, particularly your children, will be able to manage life's demands even if for any reason you might not be with them in the walk of life,by simply planning it beforehand. It is critical to undertake an income-requirement analysis before purchasing any Life Insurance policy.
Make sure your strategy includes the following crucial steps:
Determine your financial requirements in the future
The first step is to establish a broad financial range based on your child's hobbies and goals (the amount of money you will need). Include charges for extracurricular activities, travel, housing and boarding (for international education), and other expenses in addition to the tuition fee.
Most parents, including soon-to-be parents, begin saving for their children's future at a young age. Small amount invested over a period of 15-20 years might build up to a sizable corpus. Several child-focused wealth-building plans allow you to start modest and gradually increase your monthly contributions.
Child Insurance Plan Is Your Friend In Need!
After reading all of the above, you might ask, what about a plan specifically to secure my child’s future? From small dream to big goals, Child Insurance Plans can help you in this dilemma!
Children often have hobbies, for example, your daughter may desire to practise kick-boxing, which is usually not taught at school. While you can always hire a coach to help her improve her skills, you will need a plan in place to pay the fees without disrupting your monthly budget. For small goals like this one too, Child Insurance Plans like the Aviva Young Scholar Secure can help. So what are the advantages of Aviva Young Scholar Secure Plan for your child? The answer is simple: Aviva Young Scholar Secure safeguards your child's future goals while also providing peace of mind to you and your entire family to plan their milestones with ease
Tip: Choose Child Plans with premium waiver benefits that are tailored to meet the requirements of children. This assures you that, in the event of a misfortune, your children will get the pay-out without the surviving parent having to pay future premiums. As a result, they will have sufficient finances to protect them from financial difficulties while you are away.
AN MAY 22/22
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