MBLIFE | Ways to Secure your Family’s Financial Future

When family comes to mind, for a breadwinner, planning for the future would always come to mind. The questions that would usually pop up in one’s head would be “Do we have enough?”, “How can we have financial freedom someday?”. These are all questions that a responsible person who cares about their family would ask. 

There are many ways you can reach your dream of financial freedom. in this article, we will talk about possible ways to secure your family’s financial future.

Bank products.

Many bank products can encourage savings for a family. 

Opening a savings account that has a maintaining balance is a good investment because it would mean that the money cannot be touched. As you add to the maintaining balance, your savings would grow as time passes, creating a financial security net for you and your family.

Another bank product you can consider is a time deposit account. This type of account will also encourage savings because your money will have to stay deposited for a definite amount of time, while it earns interest. Your money will earn with you exert minimal effort for it to do so. There is a special type of time deposit account called an In-Trust For account, and you can put money for your children in this account. You can set the time for when they can access the money to when they turn a certain age.

Start a small business or investment with your family

The best way to make sure that your family becomes financially secure would be to start a business or buy a property that is self-liquidating. As the saying goes, “Give a man a fish and he eats for a day, but teach him how to fish and he eats forever.” A similar concept applies to this. If you have a business that can earn money for you, you will be able to have money for longer.

There are many options you can try, but one that is growing in popularity would be to buy a property, such as a condominium and have it rented out. 

Get a life insurance policy

Life insurance is a very effective method to help you and your family become financially secure. It provides security in many ways, that can all be used by your family in cases of any type of financial emergency that might be thrown in your direction.

Manila Banker’s Life Insurance Corporation offers life insurance policies that can be customized and that would help families become financially secure. They offer a wide range of riders that you can add to your plan so that your family can prepare for your retirement, future college education for your children and many other financial needs that your family will face in the future. 

Life insurance policies will also come with a death benefit. IN case anything happens to you, you can be sure that your family will be able to receive a sum of money to keep them going when you will no longer be around to provide financial support to them.

Investing in life insurance while you are young will give you access to better deals for premium prices as well as having peace of mind. You will be able to live your life free from worry. In case anything wrong were to happens, you and your family will be prepared for it.

All of these methods are effective ways for you to reach your goal of financial stability. Talk to a financial adviser at Manila Banker’s Life today, and get insured to be prepared for the future.