Protecting your family and lifestyle
Financial safety nets that every family should have.
Looking after your family means more than putting a roof over your heads, providing healthy food and keeping them happy. It also includes taking care of the “what ifs” which means having an emergency fund and the right sort of insurance protection.
Build an emergency fund
Expect the unexpected and build an emergency fund for those financial emergencies that you never see coming, from car breakdowns and medical expenses to job loss and major house repairs. While credit cards can provide some financial backup, high interest charges will only add to the problem over time.
Most financial experts agree that an emergency fund should be big enough to cover living expenses for three to six months. It’s best to plan for a worst-case scenario, so that the smaller emergencies (such as replacing the hot water cylinder) will be easily covered. Keep your emergency fund in an account that earns a good rate of interest, such as Rapid Save1.
Get the right insurance
There are two areas of insurance you should consider, property and income insurance. For property, events such as theft, fire and accidental damage can have a major financial impact if you’re not insured. We can arrange affordable cover that protects your home, contents and vehicles.
To protect your income, you need to offset the risks associated with redundancy, accident and health problems. There are all kinds of insurance to help here – life cover, income protection cover, critical illness cover and more. Talk to us about life insurance that’s affordable and easy to understand.
Make a will
Everyone over the age of 18 should have a will. Without a legal, up-to-date will, your assets could go to the wrong person when you die. Having a will becomes doubly important if you have a blended family, a family trust or you own a business. You can draw up a will with your lawyer or through the Public Trust Office, which charges only a minimal fee. Once you have a will, make sure you keep it up to date with any changes - if you get married, divorced or have children.
