Investment And Insurance Options For Parents

Being a parent of a newborn not only increases personal responsibility but also financial responsibilities. Parents tend to start saving even before the child is born however emergency situations comes without notice and to tackle those such situations one needs to be strategically planned well beforehand.

The responsibilities that come with being a parent are endless but they must be taken care of with diligence and tact. Financial stability is a crucial part of any household, new parents have to juggle through work life and family balance, so it can be a bit scary to think about the future. We must manage the newly increased expenses, plan the future of the child and also be prepared for the uncertainties. So let’s have a look at some of the investment and insurance options that parents should opt for, to help them navigate through their expenses comfortably.

Parents must first and foremost ensure that them and their children are covered with a great insurance plan that offers a big cover so that in medical emergencies you don’t have to worry about being under financial stress.

Parents have different ways of investment depending on their financial goals, income and risk appetite. The financial planning is done keeping in mind future expenses like education, marriage, general lifestyle, and an emergency fund in case of untimely death of a parent. In this case, as we are aware, a life insurance plan is crucial to have. So that the family is not blindsided and left destitute. Life insurance plans should not be looked at as an option rather as a priority. Another insurance is to set up a savings account, as a contingency plan. To all your fixed assets and other financial products, make your child a nominee so he/she can reap the benefits when they grow up!

Lastly, think about investing in monthly income plans or recurring deposits, that are a good source of extra monthly income. With these plans, small expenses around the house can be taken care of without dipping into the income or savings account.

So think about all your options that fit your financial profile the best and also help you fulfill your long term goals!

With this blog our aim is to help you kickstart your financial planning journey ahead of time. We hope this gives you a clear idea as to what the next steps should be. You can also go ahead and share with someone whom you think can also benefit.

For more information, consult Investoscope Financials!