How do you meet your needs in different life stages?

New year, new beginnings. It’s time to review priorities and revise plans. Different people have different motivations. As you move through life, your needs will change. Each life stage brings with it different challenges and opportunities, as well as responsibilities and priorities. Earlier on, your focus is typically on saving for the future. Farther along on your life journey, you’d likely turn your attention to providing protection for your loved ones. But no matter which life stage you’re at, we at HSBC Life will be there for you with all-round solutions to meet your needs, every step of the way.

John, Steve and Brandon are three friends arriving at different life stages, all looking for a financial solution that would help them reach their next goals in life while providing their families with adequate life protection. Let’s see if you recognise yourself in one of them.

John

Profile

Aged 30, loves his wife, Sarah, whom he married only two months ago.

Challenge

John’s grandfather passed away from cancer years ago. Clearly, he’s worried that he could be vulnerable in the long run, leaving his wife under a lot of financial pressure.

Life stage needs

John is keen to explore options that would provide his wife with an extensive safety net to fall back on if he ever becomes ill

Possible solution

An insurance plan which covers these features:

  • Basic life protection plus coverage for major critical illnesses like cancer
  • Multiple claims allowed if more than one critical illness strikes, without affecting the policy value after each claim
  • Access to top-tier global medical care services for second opinions regarding treatment options
  • In case a terminal illness is diagnosed before retirement, policyholder can claim a death benefit in advance.

Steve

Profile

Aged 30, married. His young wife Stephanie is a full-time mom who just gave birth to twin boys. He is a family man who likes nothing better than to go home after work and enjoy quality family time.

Challenge

As the sole breadwinner of the family, he’s worried that his wife and young children would be left financially vulnerable if anything happened unexpectedly to him. He is also concerned about the rising cost of education and wants to have an education fund in place for his children

Life stage needs

He needs to secure his family’s financial future to guard against life’s uncertainties, especially his children are very young. He also has to plan for his children’s education and therefore needs a policy that ensures the liquidity he will need later on as his children grow older.

Possible solution

An insurance plan which covers these features:

When his children are still dependents,

  • a death benefit of more than 100% of his total premiums paid so that his family will be protected from financial hardship
  • a cancer or disability benefit that covers medical expenses in case he or any of his children is diagnosed with cancer or becomes disabled

In the long term,

  • the flexibility to lock in a part of his policy value to insulate it against market fluctuations, which will serve as reserve for his children’s education

Brandon

Profile

Aged 27, single, lives with his retired parents and supports their living expenses. He is an ambitious young man who is looking to start his own business before the age of 40.

Challenge

He wants to have additional financial resources to possibly help finance new business expansion and meet his changing needs for capital. While focusing on his business, he also wants to provide a safety net for his parents and ensure they are taken care of.

Life stage needs

He is looking for a tool that will offer him strong potential capital growth while also providing his parents with financial backup if misfortune ever strikes.

Possible solution

An insurance plan which covers these features:

  • Long-term capital growth, delivering a higher yield than total premiums paid while giving him life protection at the same time
  • In case he loses his job, he can defer his premium payments, to ease the financial burden of supporting his parents while continuing to save
  • The policy holder has the right to transfer the coverage of his policy as a gift to his future family

John, Steve and Brandon are all looking to accumulate wealth through long term solutions and secure a good quality of life for their families. Hence they prefer a life insurance solution over a market-driven investment such as stocks. No matter which life stage you’re at, you can always find an insurance plan that suits your needs. Come talk to us today.