One of the most important aspects of managing a home is the preparation for family financial planning. After all, this is the resource that centralizes and organizes the family’s expectations, goals, obligations, and costs, being a fundamental economic pillar for quality of life.
That’s why we took the opportunity to talk about it. In this article, we explain the importance of planning and it is possible to insert the contracting of life insurance in this plan, listing what you need to consider to make the right decisions. So, don’t waste time and follow along!
What is family financial planning?
As the name suggests, the purpose of family financial planning is essential to organize the family’s finances, reconciling the resources that come in with the expenses that go out to cover all the needs and expectations of each of the members.
In addition to being fundamental for the family’s financial health, planning offers organization. Control and predictability for the achievement of great goals, such as the purchase of the next property, investments to guarantee the children’s studies, control of the financial reserve, and so on. forward.
In addition, family financial planning can be even broader and anticipated in the timeline, already considering applications to ensure comfort and stability during the elderly, allocating social security resources and costs of any medical and related expenses.
However, planning is not just about looking into the future and organizing income allocation. In fact, this practice is also widely used in day-to-day domestic financial control. Being practically the family’s monthly budget.
It is in this instance. That it is up to the family to decide on another monthly investment, the life insurance policy. For those who don’t know. It is worth noting that it is an essential service to ensure the tranquility and financial stability of the family.
In this sense, life insurance works as if it were a security policy for difficult times, preventing an unpleasant surprise, such as the death or disability of a family member, from harming the family’s financial stability and quality of life.
What is group life insurance?
When we talk about life insurance, the best-known modality is the individual. In this service, only one person is covered. If you die or become invalid, the coverage is activated, generating an indemnity that covers the family’s financial difficulties – according to the amount stipulated in the contract.
However, it has been a long time since the insurance market identified the need to expand this coverage. Covering the couple responsible for the family. This is how family life insurance, also known as group life insurance, was created.
That is why this policy has received so much attention from families with children, as the protection of the couple extends the guarantee of stability for those who stay – especially in the sad event that something happens to the couple. Which tends to be a relatively common concern when traveling. airlines.
That said, it is important to know the main coverage that usually composes this policy.
- partial or total disability due to the accident;
- accidental or natural death;
- serious and degenerative diseases;
- accidental permanent disability;
- temporary disability;
- funeral assistance.
As you can see, the list lists very painful situations for a family, usually linked to the temporary or permanent absence of the affected family member. That’s why family life insurance is the key type of investment for your peace of mind, just like family health plans.
Group life insurance comes in different varieties. What are they?
Technically, the different life insurance policies are directly related to the different coverages. If you want, you can hire a complete policy that covers the couple in all the situations listed in the previous topic.
However, as a financial strategy. You can decide to take out leaner policies, with smaller and more objective coverage.
In this sense, the most common and most popularly contracted type is accidental death. After all, it doesn’t matter if you’re young or old, accidents happen, and unfortunately. They can happen to you or your spouse.
Similar to this, we also highlight policies aimed at accidents. In this case, death is not the only coverage, but also the temporary or permanent disability of the insured. Imagine that a certain person is the main financial provider of the family.
In the event that this individual becomes unable to work and generate income, the financial stability of this family is immediately at risk. It is in this sense that a policy with accident coverage can help, providing compensation if this happens.
Policy for serious
Finally, it is worth talking about the policy for serious and degenerative diseases. It is common for younger couples to ignore this policy, precisely because of the lower statistical probability of being debilitated with some really severe medical condition.
However, it is increasingly common to hire this service, as a debilitating illness can be extremely costly on the family budget and exhausting to a family’s emotional and psychological health. So removing the economic concern from this complicated scenario is already a good idea. great relief.
Finally, we must highlight the importance of having a good insurance broker to support your decisions when purchasing insurance. Regardless of the type of policy, life, travel, residential, business, or similar.
After all, the reality is one. In the event that you need to activate your insurance. It is important to get support from a company committed to helping, offering quick and empathetic assistance, speeding up your requests, and providing comfort in times of difficulty.
