Once you have kids in your life, invariably all your faculties are converged on them—their health, behaviour, education, and several other things that contribute towards the overall growth and development of a child will worry you.
No matter the extent of efforts you take to hone his/her mental, physical, and social growth, there is always something that you might not have planned for the ‘unexpected’.
By ‘unexpected’, we talk about your absence in your child’s life. God forbid, but an unfortunate fateful events could leave your child orphaned and bereft of basic parental care.
To minimize the impact of such unforeseen circumstances, take a look at these five tips that will help you be prescient parent.
- Plan for The Medical Expenses First
Good health is not a privilege; it is a requirement. With rising environmental hazards and incidents of rising outbursts of critical medical conditions, the risk of your child getting affected by an illness is alarmingly high. To cover such uncalled medical expenses in your absence, investment in child health plan is recommended.
- Plan for Educational Expenses
Education is the basic need of every child. However, the fees of schools and colleges are skyrocketing. To ensure that your child’s dreams are not hindered and that he/she is the recipient of the best education in your absence, it is necessary to start making judicious savings from today.
- Opt for a Guardian
Parenting plays a key role in the overall development of child. In absence of parents and their guidance children could lose a sense of direction or even purpose. Now who will act as the guiding light for your child in your absence? Never make your child feel orphaned; legally seek a guardian.
- Draw Up a Will
Take legal advice to write a will. Remember, a well-structured will conforming to domestic norms and legal formalities will truly help in making your child’s future bright.
- Look for Additional Income Plan
You child will definitely require money to buy simple things, such as a chocolate, pencil, and books. Despite all the investments you have undertaken for his/ her future, have you ever paid a thought to his/her daily needs and exigencies? To pay for such small expenses, your child will need money. Please keep an additional income plan at hand.
Insure your loved one’s financial future after you with a term insurance plan