5 Ways to Safeguard Your Family as a Breadwinner in Your 50s

Secure the Needs of Your Family as a Sole Breadwinner

Managing finances as a sole breadwinner in the family is not as difficult as it may seem, especially with the financial space having evolved and opened up to everyone. Here are five financial decisions that you can take in your 50s to safeguard the needs of your family

Purchase a Robust Health Insurance Policy

The first step that you should consider taking is purchasing a robust health insurance plan. Remember that medical inflation in the country is at an all-time high, and none of us has any control over it. The least you can do is be prepared, and what better way than with a health insurance plan? A single decision to purchase a health insurance plan safeguards the needs of your entire family against the rising medical expenses all around the country.

• These policies are designed to offer:
• Coverage for medical services
• Provide you with access to renowned hospitals
• Benefits through tax exemptions
• Coverage for pre-existing diseases
• Optional riders to customise a policy for your specific needs.

Ensure Financial Protection with Life Insurance

Life is filled with uncertainties, and the last thing you want is to leave your loved ones without any financial protection. This is where purchasing a life insurance plan comes into play.

What is Life Insurance?

Life insurance works like a contract between the insurance company and the insured. Under this arrangement, the insurance company provides life cover in exchange for premiums paid. In the event of the insured's untimely demise, the insurance company pays the death benefit to the beneficiary. This establishes a financial safety net for the beneficiary, even when the insured is not present. There are various types of life insurance plans available, including term insurance, whole life coverage, endowment plans, and money-back plans.

Pro Tip: When purchasing life insurance, be sure to evaluate factors such as your family‘s financial situation, income flow, debt (if any), and future expenses of dependents. This can help you find policy types and coverage that are adequate for your family‘s needs.

Combine the Benefits of Insurance, Investment, and Savings

Purchasing life insurance is no longer limited solely to building life cover. You can combine the benefits of insurance with investment and savings through plans such as ULIPs, endowment, and money-back plans. These plans are designed to offer dual benefits through a single investment, eliminating the need to manage your finances across multiple windows.

Here’s How These Plans Work

A unit-linked insurance plan combines the benefits of life insurance and market exposure by investing a portion of your premium in a basket of assets while also building life cover.

An endowment plan offers both death benefits and maturity benefits.

A money-back plan is a type of endowment plan that offers added liquidity in the form of periodic payouts, known as survival benefits.

Revisit Your Financial Decisions

At every stage of life, the needs of your dependents may change, and keeping track as a sole breadwinner becomes important. Therefore, it is essential to revisit your financial decisions, such as insurance plans and investments, to ensure they align with your family's needs.

Pro Tip: Switching investments under ULIPs is tax-free, allowing you to change your exposure from the equity market to the debt market and vice versa without incurring any taxation.

Consult a Financial Planner

If you find insurance, investments, and financial management overwhelming, you can consult a financial advisor for guidance. They come in with expertise and can help you allocate finances that are best suited for your family’s unique situation.

Alternatively, you can simply visit the Jio Insurance Broking portal to explore and compare insurance and investment plans, with all the details laid out clearly, allowing you to easily select the one that best meets your needs.

Why Financial Planning is Important in Your 50s?

In today’s time, financial planning has become a necessity. Here’s why you should focus on smart financial planning in your 50s:

Protecting Your Family’s Needs

As the sole breadwinner of the family, protecting the needs of your loved ones often becomes a priority. This is why making smart financial decisions is important, so that needs like children’s education, marriage expenses, debt payments, and your spouse’s lifestyle are taken care of smoothly, even when your regular source of income stops or you are no longer around.

Building a Comfortable Life After Retirement

By the time you reach your 50s, you are weaving dreams of the kind of life you wish to live after retirement. Smart financial decisions taken today can turn your retirement dreams into reality. Additionally, you get to enjoy financial freedom.

Protection Against Uncertainties

Life is unpredictable, and the worries somehow become bigger when you cross that 50-year mark. Planning your finances wisely today can at least protect you and your family against uncertainties such as medical emergencies, loss of income, and unexpected financial burdens.

Summing Up

Financial planning does not have to be complicated, where you are sitting in front of a screen timing the market. In your 50s, you want to enjoy a peaceful life, knowing that your family's interests are secure. This is where life insurance, health insurance, and combination plans come into play. Through a single decision, you get wholesome coverage.

Head straight to Jio Insurance Broking to explore, compare, and purchase a plan of your choice.