Monday Dec 26, 2022

Insurance needs for young families

Welcome to the Go Fund Yourself podcast, where we explain everyday concepts for protecting your family's finances through insurance and investments that anyone can use in a fun and easy-to-understand conversation. We hope to provide you with a better understanding of financial protection; why it's important to take action and to alter your common misconceptions, and outright traps you may encounter in the marketplace, so you can make sure your family is financially secure and taken care of.

For new parents, income protection becomes a critical need as their income is no longer just for their own living expenses but also for their child's basic necessities and maintaining their standard of living. Disability, living benefits, and critical illness insurance are essential to protect against income loss, as well as life insurance to provide income protection in case of the parent's death. Additionally, savings become crucial for future expenses such as down payments on a home, moving to a larger place, and college tuition for their child. Orlando emphasizes the importance of taking action to secure financial protection for the family's future.

 

 

If you enjoyed this clip, you can listen to the FULL episode "Understanding Financial and Insurance Needs based on Your Life Stage"

 

You can find Orlando Ali at www.orlandoalifinancial.ca

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