Navigating Long-Term Care: Key Challenges & Financial Risk Mitigation Strategies (Part 2)
In Part 2 of our article on long-term care planning, we delve into the key challenges faced by primary caregivers and effective strategies for mitigating financial risks linked to severe disabilities. Caregiving is an emotionally and physically demanding journey, often leading to stress, burnout, and financial strain. We explore the financial implications of caregiving, including the costs of care, healthcare inflation, and the impact of reduced income. Discover three essential financing options—government insurance, personal insurance, and personal assets—that can help secure your financial future. With expert insights from Havend, learn how to navigate these challenges and protect yourself and your loved ones from the emotional and financial burdens of long-term care.
Term Insurance: What Happens If You Outlive It?
Discover what happens if you outlive your term insurance policy. Learn why reaching this milestone can signify successful financial planning, and explore essential steps to ensure your retirement is secure without the need for permanent life insurance.
Should I Get Life Insurance if I Have Substantial Savings?
The role of life insurance is to transfer the financial risk of a death event, often termed as “premature death” or “dying too early,” to an insurance company. Without life insurance, this financial burden could be too heavy for a family to bear. What are these financial risks? They typically include: Providing a continuous income […]
Universal Life Insurance: Does It Boost Your Retirement?
Wealth transfer to children and even through multiple generations is one of the key concerns among affluent and high-net-worth individuals. The reasons are understandable: to be good stewards of wealth, whether built or received and to give their children better opportunities in life. Often, such transfer-of-wealth planning commonly known as legacy planning, typically involves the […]
Understanding the Trend: Decrease in Private Hospital Insurance Demand
The recent news of fewer individuals opting for private hospital insurance plans, coupled with a growing number of older adults abandoning such coverage altogether, underscores a significant shift in healthcare preferences and financial decisions.
Is Employer-Provided Life Insurance Enough? 3 Limitations You Need To Know
Employee group insurance, a key perk offered by employers, provides a range of coverages including life insurance, critical illness protection, and more. While these benefits can seem comprehensive, relying solely on employer-provided insurance has significant limitations. This article explores these limitations and highlights why securing your own personal insurance policy is crucial for continuous, tailored, and reliable protection. Discover the advantages of personalised coverage, dedicated service, and ensuring your insurability to navigate life’s uncertainties with confidence.
Life Insurance: A Smart Investment Move?
Insurance policies has evolved over the decades, ranging from pure protection to encompass savings and even investments. Term insurance, which typically offers 10, 20, 30 years of coverage has become cheaper, making insurance very affordable for everyone. Yet insurance products have also become more fanciful with many offering cash values such as whole life, investment-linked […]
Dementia-Specific Insurance Plans: Is It Worth Getting?
In recent weeks, there has been a growing interest in dementia-related insurance plans. Many are questioning the value and importance of obtaining such coverage. In this article, I will explore what dementia is, how it affects our daily lives, its potential financial impact, alternative options for addressing our concerns, and whether investing in a dementia-specific […]
How Much Insurance Is Required? (Part 2)
You can read part 1 of this article here. Scenario Using the earlier case study: Dan, a sole breadwinner, male, age 40, non-smoker, with a family of two children, working as a sales manager in an MNC and earning an annual income of $200,000. Assuming that this is Dan’s financial situation: Family income required: $120,000 […]
