Family Life
The addition of children to your family alters your financial situation
dramatically. Increased responsibilities include higher medical expenses,
greater need for disposable income, risk cover, needing a bigger house and last
but not least: planning for education.
Financial Focus:
It is more than likely that the products and services below are appropriate to
you at this stage of your life.
Financial Plan
No matter what your life stage or financial needs you need a financial plan and
a budget. Both of these will change as your life circumstance change. If you
need help please visit financial
planning & advice for tips on how to manage your finances.
Emergency Savings Plan
It is important to put aside an amount each month to cater for life’s little
emergencies. This should be done through a bank account or lower-risk investment
that offers you competitive interest rates and easy access to your money.
In the event of a major emergency you could also consider an access bond – but
that should be a last resort.
Planning for Education
On the face of it planning for education
is simply catering for a long-term goal. However, as a good education is so
precious we choose to highlight it. This is a goal that you need to save towards
as well as make a plan to protect in the event of misfortune such as your death
or disability.
Saving for a Goal
We all have our goals in life and round about now you may want to save for a
holiday house or braces for your triplets . These are major financial outlays
and require careful planning.
There are a variety of investment and
savings products that will help you save for your goals and dreams. All of
these are major financial outlays and require careful planning. There are a
variety of products that will help you expose your capital to the potential for
market related growth.
Short-term Insurance
You have worked hard to achieve your goals and for your possessions. So, whether
it is a car or a hi-fi you should consider protecting your assets and
possessions with a good short-term
insurance product that suits your specific requirements.
Homeloans
Children need space. If you are still in your first house you will now be needing
more bedrooms.
Retirement Planning
Even with the increase in financial demands you must ensure that you don’t
sacrifice planning for your retirement.
Perhaps consider supplementing your employer’s pension plan with a
retirement annuity
of your own. - after all you want to be financially independent in your old age
rather than dependent on your children.
Medical Aid
When you have children you need to revisit your healthcare provisions. Alone or as a
couple your day-to-day expenses will most likely be less than when you have
growing children.
Investments
You are now at a time in your life when you should really bolster your investment
portfolio. Old Mutual offers a range of
investment and savings products that can be an ideal and affordable way to
structure an investment portfolio – offering investment options for all types of
risk profiles and appetites.
Risk Protection: Death and Disability
Now that you have children you have to worry about what will happen to them if
something happens to prevent you from working – either temporarily or
permanently. Old Mutual’s
Greenlight range offers a comprehensive selection
of life and disabilty protection products to alleviate your concerns.
Funeral Plan
Funerals are costly and complicated to arrange. Ensure that, should you die, you
have removed these burdens from your spouse by investing in comprehensive
funeral cover.
Estate Planning
You now have your spouse to consider if you die. You also need to think about
how your assets will be distributed and in the most tax efficient way. Old
Mutual offers an estate planning service that
will help you draft your will, conduct a tax-efficiency analysis and set up any
trust. Old Mutual also offers trustee and executorship services.
Advice
Contact an Old Mutual
financial adviser to develop a financial
plan that suits your current circumstances and financial position.
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