Protect your valuables: children, grandchildren and future

As a parent and a grandparent, you'd do anything for your family. So naturally if something were to happen to your child, you'd most likely do everything in your power to protect and care for their family.

But why wait until disaster strikes? Helping your children get the right protection in place now is one way you can help protect them, your grandchildren and your retirement against financial misfortune.

Planning for the unthinkable

After a lifetime of hard work, now is the time to enjoy the fruits of your labour to wind back on work hours and spend time with your loved ones doing things you enjoy. But what if things don't go according to plan? If something were to happen to your child and they couldn't care for their children any longer, you may be the one to step in. And you wouldn't be alone. In fact over 14,000 grandparents are already providing parental care for dependent grandchildren. 

Would your finances extend to giving your grandchildren the lifestyle they deserve as well as funding your retirement? If you're like most parents and want to help your adult children get ahead and to put plans in place to protect their children, it may be a good idea to help them learn about the value of insurance. 

Accessing low cost insurance

Of course, for many people, especially in today's environment, it can be difficult to find the money to pay for insurance premiums once all their other day-to-day bills are paid.  So if your child is in this situation, rather than going without protection, why not offer to introduce them to your financial adviser? A financial adviser may be able to suggest strategies to help them get the protection they need at a price they can afford.

Simple advice:

If you'd like to help your child get the protection they need, without paying for a whole comprehensive plan, talk to your adviser about the possibility and costs of one-off advice. These days more and more advisers are offering simple, fee-for-service advice so you'll only pay for the advice your children need. 

Access through a wrap:

One strategy your adviser may suggest is using a low complexity investment wrap to access discounts on life insurance premiums. This can help your child get quality protection at a lower price. 

Inside super: 

If cash flow is a problem, your adviser may suggest your child take out insurance through their super fund. Not only will this make if more affordable on a daily basis, but premiums will generally be tax deductible, saving them money for the future. The best strategy to protect your family will depend on your unique situation. So if you want to help protect your children financially, why not invite them to visit your financial adviser?

A will is a legal document setting out your wishes for the distribution of your assets after you die. Making a will can help ensure your assets are distributed the way you want.
Salary sacrificing into super is effectively a long-term wealth strategy that may help to grow your retirement savings over time. We take a look at how it works, the benefits and some things to consider.
Three essential pieces of admin you need to work in the sharing economy, whether ride-share, room rental or services for hire.
Taking the time to consider how you can benefit financially in a low interest rate environment is a great way to strategise for your financial future.

This information is current as at 24/11/2015.

This information does not constitute financial advice. It has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation and needs.