Humanity is united in certain experiences that span the course of our lives. For most of us, we aspire to get married, perhaps have a child or two and send them off to college, retire from lengthy – and hopefully rewarding – careers, and leave behind a legacy from a life well lived. To attain and secure your version of a fulfilling time on Earth, keen financial planning can make the difference.
Depending on the money you have to work with after addressing the bills that support your life today, options can range from a low risk, low interest savings account to higher risk, and potentially higher reward investments in the stock market and other investments. An option in the middle of this spectrum that is accessible for individuals with virtually any amount to contribute is insurance. It not only delivers guaranteed funds for the moments you and your family need it most, but also can be a vehicle for investment that begins to build generational wealth and ensure an income stream throughout your life. Although there are experts who may offer guidance on how to save money and value one type of financial plan over another, the reality is that your financial portfolio should be diversified to include a healthy mix of all of these options.
As we all know, life can quickly get in the way of a monthly saving scheme for tomorrow, especially when there are pressing matters today. However, making plans for your future self and your family after you are gone are not tasks that can continue to be put off for tomorrow. Purchasing an insurance plan to help you accomplish one or more of these goals allows you to stay focused on the present, while keeping an eye on the future. After all, you deserve the peace of mind of knowing that your hard-earned money is steadily building to support the momentous occasions we share with family and friends. For each life event, there are various types of policies that are ideally suited to what you may need at that stage.
Starting the marriage journey
The decision to pursue your life journey in parallel with another person is not one to be taken lightly. It is a joining of two lives, two families, and two financial situations. The magnitude of this decision is reflected in the immense scale of weddings in Bangladesh. Insurance policies that your parents purchased to save for your future, such as the [https://www.metlife.com.bd/solutions/education/education-protection-plan-plus/], can contribute to the wedding day. After the wedding, you and your spouse can start your lives together by purchasing a term plan to ensure that your spouse can avoid financial hardship in case of your death.
Giving your child a high-quality education
Then as you grow your family, a new priority that arises is making provisions for your child’s future – including education, their wedding, or other needs they may have. Insurance plans can help to minimize financial hardship and guarantee that the vision for your family can remain intact, even if you become permanently disabled or are no longer around in your prime earning years. Some policies, such as the [https://www.metlife.com.bd/solutions/savings-investments/tpp/] allow you to save and receive up to half of the face amount before the policy matures. Child education solutions also allow you to start early to save for your child’s education and provide life coverage for your family if something happens before the policy matures.
Reveling in your retirement years
Then, when it is time to enjoy your golden years and the fruits of your years of labor, insurance policies reaching maturity can deliver a lump sum or guaranteed income to support daily expenses. Insurance policies like the [https://www.metlife.com.bd/solutions/retirement/] can ensure that you are covered when it is time to retire. That way you can live the independent and fulfilling life you envisioned for your later years. Then, when thinking about our legacy and how our loved ones will fare in our absence, insurance plans can help them maintain their standard of living.
Life insurance is a valuable go-to option as a starting point for saving and preparing for all of life’s major milestones. Speak to a financial advisor about the right life insurance policy to suit your current life stage and long-term goals.