Taking care of a family is a huge responsibility. From investing in life insurance to creating a household budget, here are 3 simple tips when it comes to securing their financial future so you can rest assured their well-being is always protected.


Whether you’ve just got married, are expecting your first child, or have a full house, creating a financial plan for your family is extremely important and it’s a crucial step to mapping out a happy and secure future for your loved ones.

Following a well developed financial plan can have many benefits as it will allow you to:

  • meet all your short-term and long-term life goals
  • easily face any financial crises such as serious illness, layoff, or natural disaster
  • make smarter investments
  • plan for your retirement

Protect Your Family’s Well-Being With Our Affordable Term Life Insurance

One of the best things you can do to protect your family from life’s hardest and most unexpected setbacks is to invest in affordable, flexible, and customised life insurance. At 20/20, our licensed agents work together with you to give you policy that ensures your loved ones’ financial security, no matter what life throws your way.

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3 Ways to Secure Your Family’s Financial Future

When you’ve got a family to take care of, getting your finances on track can seem like a pipe dream, even if you do spend sleepless nights researching investments and appropriate insurance policies.

While it can seem overwhelming, here are 3 simple steps you can take to begin protecting your loved ones’ future well-being:

1. Purchase Life Insurance

When you’ve got a family depending on your income, life insurance can give you the security of knowing that if something were to happen to you, your loved ones would still be able to live comfortably.

Some of the benefits of purchasing life insurance include:

  • It will help your family pay any outstanding debts (such as your mortgage, credit cards, and/or car loans).
  • It gives you peace of mind knowing you’re doing everything you can to protect your family.
  • It protects your family from any financial and emotional hardships in the future.
  • It will help your child(ren) afford a quality university/college education.

While buying life insurance can seem like a very overwhelming and complicated financial decision, it’s an extremely useful product that can help protect your family in case of any hardships.

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2. Start a University Fund

As university tuition costs seem set to rise over the next few years, it’s important to start saving often and little to be able to pay for quality higher education.

Here are four simple strategies to help you cover the cost of your child’s post-secondary education:

  • Use registered retirement education funds.
  • Get grandparents, aunts, and uncles to contribute what they can to RESPs.
  • Consider starting a tax-free savings account.
  • Get your child to contribute to their own post-secondary education through part-time job earnings.

Remember: While student loans can make a huge difference, a heavy reliance on them can often result in dept that will delay your child’s financial independence after graduation.

 

3. Create and Stay on a Budget

No matter your current financial situation, it is always a good idea to create and maintain a household budget. This is a great habit to have because it will help you:

  • handle any unexpected expenses
  • identify any possible future financial problems so you can mitigate them early
  • teach your children the value of money and good spending habits
  • take the necessary steps to curtail your expenditure on non-essential items so you can spend less and save more

Remember: Not only will having and following a well-planned household budget save you from any potential future financial disaster, it’ll also help you meet all your financial goals and allow you to live a happier, more balanced life.

 

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To find out more about how our term life insurance policies can help protect your family’s finances, contact our licensed insurance agents at 403-702-5433 or fill in our online contact form.

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