Superhero Dads – This Father’s Day, be your kids’ superhero!
It is Father’s Day. As your children shower you with handmade cards and thoughtful gifts bought from their meticulously saved pocket money, one is forced to reflect… ‘Am I becoming the superhero father they deserve?’
You sure can be their superhero! As a father, you’ve been your family’s rock, mentor, and superhero; you would do anything to give wings to their dreams and fuel their ambitions. This Father’s Day, why not consider giving your children a return gift as powerful as your love? Here are three financial instruments every superhero dad should consider:
Term insurance is the simplest and arguably the most essential insurance product you should have, as a responsible father. Term insurance ensures that your spouse and children will have the financial support they need to maintain their lifestyle and cover essential expenses in your absence. Term premiums are quite affordable and provide many options on the amount of coverage and age till which you are covered.
Also Read: Buying life insurance? Know about the lock-in period to make the most of it
The purpose of this instrument is to replace the income in case of your unfortunate demise – choose an amount (called “Sum Assured” in insurance language) that will cover your family’s financial needs through its interest alone (of course, insurance companies limit the sum assured to certain amount based on your current income). Opt for a life cover till the age you see yourself working to support your family financially.
Some fathers buy a term insurance till the age 99 or 100. That’s a way for them to leave a legacy for their children.
When you have specific financial goals to meet your children’s needs and you don’t want to take market-related risks on them, savings
Read more on financialexpress.com
