How to Plan for Your Family’s Future
FAMILY PLANNING 40 Central Florida Lifestyle | March 2020
You want only the best for the family you’ve
grown. From their health to family funding,
there’s a lot to think about. Consider these
strategies moving forward.
Health and Life Insurance
“Timing is everything with health and life insurance,”
says Darla Cintron, a health insurance broker
with Healthcare Solutions Team. “The value of both is
understated and misunderstood — until it’s needed.”
While Cintron finds that many people consider
health insurance as only paying for doctor visits they go
to once a year for routine check-ups and blood work,
she stresses the importance of the “what ifs” that come
with the results of those visits. Should you be faced
with an unsettling diagnosis, having a good insurance
plan will be key.
However, Cintron says that health insurance may
not be enough.
“There are huge deductibles for the average person,
and to keep the monthly premium low, the deductible
will be high,” she says. “That’s thousands of dollars out
of pocket before the insurance picks up. This is where
ancillary products can help defer the out-of-pocket
medical costs and can be used to pay for everyday
household bills, mortgage, power, water, car, health/life
insurance premiums, food, caregivers and so on.”
Prime candidates for life and health insurance
are families, business owners, parents — even children.
With a trend toward one-income families,
where one parent stays home to raise the children
and the other works outside the home, it’s important
to have a plan in place should something happen to
the main income-earner. Additionally, children’s life
insurance policies protect even the youngest members
of the family if they are faced with an unfortunate
terminal illness that could preclude them from
securing life insurance when they’re older.
Financial Planning
Of course, creating a budget and sticking to it is
important for establishing a strong financial future for
your family. But there’s more to it than that. Here are
four financial planning tips that could help.
1. Manage Interest Rates: First, organize your debts
by interest rate level. Then begin paying as much as
possible each month toward the item with the highest
interest rate, paying the minimum amount on
the others. Work your way down the list until they’re
all paid off.
2. Set a Financial Goal: Having something to look
ahead to makes budgeting feel easier and worth it.
Your financial goal could be anything from a luxury
family vacation to your children’s college funds.
3. Boost Your Retirement Fund with Every Raise:
Congratulations, you just got a raise at work. You
might be tempted to celebrate with a splurge, but
first, consider adjusting the automatic transfer from
your paycheck to increase your retirement contributions.
You’ll thank yourself later.
4. Consider Investing: Work with an experienced
financial planner who can help you keep your fees
low and rebalance your portfolio yearly to make sure
your investments are in the right place.