A financial plan is your map to achieving your financial goals. These could include education for your children, building a house, starting a business or, securing an asset. The risk of not having a financial plan is that you will most likely never achieve your financial goals. Many people think that if you are under debt counselling, you don’t need a financial plan. This could not be further from the truth. If you have chosen debt counselling as a debt management solution, you most definitely need a financial plan to build a brighter future for yourself. Without a financial plan, you may find yourself back in debt because you neglected to plan for future risks. The risk of not having a financial plan as part of your debt solution can be costly.
29 May 2015
You have a debt solution in place which is taking care of your immediate financial problems – that’s great! Thinking about growing your wealth may still be a distant thought. It is important that you build a financial plan in addition to your debt solution to put you on the road to financial freedom.
Why do you need a financial plan with your debt solution?
It is important to set up a plan to help you reach your financial goals. A financial plan will reduce your financial risk in addition to help you grow your wealth. It allows you to make provision for retirement or to support your family when you are no longer there to do so.
The importance of having a financial plan
Planning for your financial future is vitally important and the sooner you are able to do so the better. If you don’t, you are faced with the risk of having to pay out of our own pocket in the event of an injury, your home contents being stolen or not having funds available for your family if something were to happen to you.
Life is full of unexpected events and if you are not prepared or covered as you should be you are exposed to suffering an extreme financial loss which we as consumers simply cannot afford.
If you have not planned carefully for your retirement you will find yourself having to work well into your retirement age instead of being able to sit back and enjoy the fruits of your labour.
Making some small changes now will have a huge impact on your life over time.
What products are available?
Long Term Insurance
You can choose between various long-term insurance products such as Life Cover, Disability Cover and Dread Disease Cover. These protect you and your family against death, disability and dread disease.
What is Life Cover?
Life Cover is an insurance policy which will pay out a lump sum of cash in the event of your death to your nominated beneficiaries.
What is Disability Cover?
Disability cover is an insurance policy which will pay a monthly or lump sum amount in the event of you becoming disabled.
What is Dread Disease?
Dread disease cover is an insurance policy that provides a lump sum pay out in the event of you contracting a dread disease, such as cancer. The lump sum pay out can be used to help fund any additional expenses that arise from contracting the disease, such as medical bills.
Saving your money needs to be one your main financial goals. Setting aside some money every month will help you achieve financial freedom in the future and allow you to reach your goals. It’s important that your money grows more than inflation at all times.
Some of the reasons to save your money are for retirement, children’s education and in the event of an emergency. Each one of these goals will need a different investment strategy.
You will need to speak to one of our financial advisors to help you invest your money correctly.
Insurance Busters will also assist you in setting up a Will. Having a Will assures you that your assets are distributed to the beneficiaries of your choice.
Insurance Busters can secure your future
Insurance Busters, the sister company of DebtBusters, will be able to help you set up a financial plan with your debt solution.
Speak to an Insurance Busters consultant today by calling 0860 99 40 96 and take your first step towards securing you and your family’s financial future!