Baby Boomers: Protect your retirement plans
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A serious illness or injury is a major setback at any stage, but it could be considered even worse when you’re approaching retirement or if you have already retired.
On top of these personal threats, many baby boomers may also be financially supporting their adult children or their parents. This means that if anyone in their immediate family suffered a serious illness, it could have a major impact upon their own retirement plans.
If you have grandchildren and something were to happen to one of their parents (your adult child), would you be in the financial position to be able to protect and care for your grandchildren? One of the ways to potentially protect your retirement plans and support your adult children, is to implement adequate insurance cover that aims to protect the family as a result of accidents, illnesses or an untimely death.
There are a range of different insurance options to consider, including life and total and permanent disablement cover. Life insurance can provide financial security for your adult child’s family in the event of their death, with a lump sum payment or instalments. This could help loved ones manage the mortgage and other debts, provide for your grandchildren’s education or cover living expenses.
Similarly, total and permanent disablement cover can provide a tax-free lump sum or instalments if your adult child was unable to work due to illness or injury. Further, income protection insurance could provide up to 75% of their regular annual pre-tax income as a monthly payment if they became unable to work due to illness, accident or injury.