Create generational wealth with a perfect insurance plan. Image Credit: AdobeStock
Protect your family’s progress through life, creating generational wealth ‘starts with me’
Create generational wealth with a perfect insurance plan. Image Credit: AdobeStock
Creating generational wealth can seem like an out-of-reach idea for the average South African, yet there are ways to achieve it, if not in our lifetime, then definitely in the next generation. We can take the right financial steps today to empower the next generation to start creating wealth.
If the past 18 months have taught us anything, it is that life is unpredictable. Understandably, the well-being of family has been top of mind for most people as we look into an uncertain future.
One of the proven ways to create generational wealth is to take out life insurance so that when you pass, your family has a lump sum amount, to use for daily expenses or to grow wealth. This means the financial decisions you make today should be deliberate, by making provision for the future – for while you’re still alive and when you’re no longer around.
Most people are aware of the benefit of having funeral cover in place, however, life insurance is not only about death but more about protecting your family’s progress through life. Good protection means that you have the right policies in place, to help your family cope with financial commitments if you pass away or are unable to continue working and providing for them whilst alive.
Depending on where you are in your life, good protection looks different from person to person. The perfect insurance cover plan is personalised, flexible and reviewed regularly. Your perfect plan could be a combination of the following:
Remember, it’s not about picking one type of insurance over the other, each one has its role to play. In fact, 1Life has a policy that makes getting the right combination of cover easier, where life and funeral cover are bundled into one convenient policy.
Receiving a large amount of money can be overwhelming, so it is important that you protect your family’s future wealth by teaching them, today, how to manage money. Without proper money management, it is impossible to create wealth. It starts with you. Teach your loved ones lessons on never spending more than you earn, or the value of paying off debts or being money smart, etc. 1Life’s Truth About Money offers you an online financial educational course that can kickstart you on this journey. This way, you know they will do the right things when they receive the payout from your life insurance policy.
1Life Insurance Ltd is an authorised financial services provider (FSP licence number 24769).