Financial plan for your dependent.

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We are not life alone, there are spouse, kids or parents beside us, as your dependent. Do you have financial plan for them? When parent have retired and not have enough income to meet their need, as their kid we have a responsibility to help them. And it will be the same if you have kids, they need your full financial support for growing.

Just think, you can not always afford your dependent need. Such as when your parent have not a good condition, have critical illness and need hospitalized. Or maybe you have the worst scenario you died before your kids can support their own. So what you must do for them?

You need insurance coverage.
You need to prepare insurance plan which cover hospital bills, critical illness, total permanent disability, or death as well as income replacement plans which provide regular stream of income if the victim is unable to work.
they are must have in our financial plans' as they will ensure a sum of money is given out to meet the medical cost or simply to ensure the victim's dependent have some financial cushion to fall back on

if you have insurance, make sure that it will be sufficient for your dependent. Check out carefully your expense and inflation rate that you will face time to time. Make sure that the coverage you put in your insurance can match your objective now. Think about sum of money that your dependent will get, and suppose when it will be last. If your spouse not work anymore, you must think can she get a job with in her field right now since she have no updated experience. Must you prepare cost to train her so she can get a job.

Here is some insurance type that you can prepare for your dependent
1. Term life insurance - pays a lump sum on the death of the insured, or if the life insured is diagnosed with a terminal illness and has usually less than 12 months to live.
2. Income protection insurance - replaces your income if you are unable to work due to sickness or injury. It provides a monthly payment of usually up to 75% of your pre-tax income
3. Trauma insurance - pays you a lump sum on the diagnosis of a specified non-pre-existing illness or injury, generally including heart attack, stroke, cancer,
and paraplegia.
4. Total & permanent disablement insurance - pays a lump sum if you are totally incapacitated because of a sickness or injury and unable to work.

Typically, insurance policies which combined investments and insurance are not the best way to achieve our financial objectives, because aiming to achieve both investment return and insurance coverage with one product mean one of the two objective is not being fully met. Make sure you have the right insurance policies as you need,

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