You care about your family’s health, but what about their wealth? Here’s how life insurance can help. We all know how important it is to take good care of our health. After all, it’s one of the few things money can’t buy.
Still, you should realise that financial wellness is also extremely important and can play an important role in securing your family’s future. Wondering if your family’s financial health is up to scratch? Here’s a little check-up to ensure you’re on the right track.
Get real about your budget
You’re counting the steps on your fitness watch, but are you tracking your expenses? While it’s easy to turn your head while you tap your card, once you’re looking back on the numbers in black and white, you might be in for an eye-opening surprise. This is a good thing, however. If you’re wondering why you don’t have money to buy new school uniforms but realise you’ve been spending thousands on unnecessary takeaways, you’ll know where to start when it comes to rebalancing the books.
Prioritise getting rid of debt
It’s always nice to have savings but if you’re putting away hundreds each month while ignoring thousands in debt, it’s time to reprioritise. To start, list all your outstanding debts and pay them off by prioritising the high-interest ones first. This doesn’t mean you should stop saving, but it might be worth putting the brakes on filling the piggy bank until your debt is paid off as the interest it can accumulate is often higher than the amount you can save.
Ensure you have a rainy day fund
If you don’t have any debt, now’s the time to focus on saving. Life is full of expensive surprises and you never know which day your upstairs neighbours’ plumbing has sprung a leak, creating an unwanted water feature in your kitchen. This is why it’s important to have an easily accessible rainy day fund so that when life takes a turn, you can pay for them in cash as opposed to go deeper into debt. Also, on the subject unexpected household drama, now’s also a good time to get insurance. This way, you won’t always have to drain your savings when life invariably throws you a curve ball.
Take a look at life insurance
In the same way you’d have car or household insurance to safeguard what’s important you should take the same approach to life insurance. It’s a great way to create a financial safety net for your family’s future and MiWayLife makes it easy! For one low monthly premium, you’ll be offered a set amount of coverage that’s paid out in a lump sum to your beneficiaries in the event of your passing. The cover under this benefit will grow by 5% each year to help you keep up with rising costs. Our 4-in-1 policy also includes an accelerated funeral benefit, terminal illness benefit and funeral cover for you and your family members – all for one premium! Think life insurance is expensive? Why not get a quick quote over here and allow us to surprise you. You can’t put a price on financial wellness, but with MiWayLife, you’ll get great value as well as great service.
Did You Know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
