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Buying a life insurance policy is a good way to protect your loved ones financially, but it’s not the only way. This article outlines some other options that can help you build a strong safety net for them.

In “Protecting your financial future”, we outline how a life insurance policy can provide the reassurance that your loved ones will be looked after if you're no longer there to provide for them. Other than a life insurance policy, there are many other ways you can protect the people you love.

Protecting your family’s health

Medical insurance policies differ widely, but generally, each policy will cover the insured for:

  • Some/all of the cost of surgery as well as minor treatments
  • Some/all of the cost of hospital stays
  • Outpatient attention by general practitioners and certain specialists
  • Diagnostic or follow-up tests
Some health insurance policies may include provisions for other types of medical attention including dental care, eye care, physiotherapy, mental health support and pregnancy or maternity services. And some life insurance policies also pay a benefit if one of a number of designated critical illnesses is diagnosed, and provide access to second medical opinions by leading specialists*.

Financial protections to safeguard your loved ones’ future

There are options that can help you ensure your loved ones’ wellbeing under different circumstances. Below are a few of the most common ones.

Making a will

Making a will is probably the most important thing you can do to make sure your loved ones are protected and cared for in the event of your death.

Your will is a document that lays out what should happen to your money, possessions and properties after you die. If you don’t leave a will, the law will decide what happens to your assets in ways that might not be in line with your wishes.

A will is about more than just money. It also lets you decide who should look after the children, if you have any, and what financial arrangements should be in place for when they become adults.

We recommend that you seek independent legal advice from your lawyer regarding any matters about making a will.

Supporting children

You might consider supporting a child or loved one financially by putting savings aside specifically for their education. You could also build a financial reserve to help secure your children’s future.

As with all savings, the earlier you start, the larger the principal will be, and the more interest (and compound interest) you may earn on the sum invested.

Caring for other loved ones

As a result of better healthcare and higher living standards throughout the world, we are living longer. One consequence is that more people are taking on the role of caring for an elderly parent or relative.

How you care for family, and the role that you play, is a matter of personal choice. Whatever that choice is, however, it may require specialist help and support, and make it necessary for you to stop work or reduce your working hours. If you're providing long-term care for a family member at home, you may need extra financial support. Nowadays, some insurance plans also provide supplementary benefits for dementia.

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Protecting your loved ones

Buying a life insurance policy is a good way to protect your loved ones financially, but it’s not the only way. This article outlines some other options that can help you build a strong safety net for them.

In “Protecting your financial future”, we outline how a life insurance policy can provide the reassurance that your loved ones will be looked after if you're no longer there to provide for them. Other than a life insurance policy, there are many other ways you can protect the people you love.

Protecting your family’s health

Medical insurance policies differ widely, but generally, each policy will cover the insured for:

  • Some/all of the cost of surgery as well as minor treatments
  • Some/all of the cost of hospital stays
  • Outpatient attention by general practitioners and certain specialists
  • Diagnostic or follow-up tests
Some health insurance policies may include provisions for other types of medical attention including dental care, eye care, physiotherapy, mental health support and pregnancy or maternity services. And some life insurance policies also pay a benefit if one of a number of designated critical illnesses is diagnosed, and provide access to second medical opinions by leading specialists*.

Financial protections to safeguard your loved ones’ future

There are options that can help you ensure your loved ones’ wellbeing under different circumstances. Below are a few of the most common ones.

Making a will

Making a will is probably the most important thing you can do to make sure your loved ones are protected and cared for in the event of your death.

Your will is a document that lays out what should happen to your money, possessions and properties after you die. If you don’t leave a will, the law will decide what happens to your assets in ways that might not be in line with your wishes.

A will is about more than just money. It also lets you decide who should look after the children, if you have any, and what financial arrangements should be in place for when they become adults.

We recommend that you seek independent legal advice from your lawyer regarding any matters about making a will.

Supporting children

You might consider supporting a child or loved one financially by putting savings aside specifically for their education. You could also build a financial reserve to help secure your children’s future.

As with all savings, the earlier you start, the larger the principal will be, and the more interest (and compound interest) you may earn on the sum invested.

Caring for other loved ones

As a result of better healthcare and higher living standards throughout the world, we are living longer. One consequence is that more people are taking on the role of caring for an elderly parent or relative.

How you care for family, and the role that you play, is a matter of personal choice. Whatever that choice is, however, it may require specialist help and support, and make it necessary for you to stop work or reduce your working hours. If you're providing long-term care for a family member at home, you may need extra financial support. Nowadays, some insurance plans also provide supplementary benefits for dementia.

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