With careful planning, you can give a helping hand to your adult children financially, while still enjoying a comfortable retirement. In the past, wealth was often passed on through an inheritance. But with our longer lifespans, and the higher cost of living (especially housing), the desire to help our kids while we’re alive and well is increasing. If your children are young, you may have twenty or thirty years to save and invest on their behalf, while also saving for your own retirement. If this is the case, it pays to put a strategy in place early on. For those nearing...
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Financial protection for your loved ones when you die A sudden death can place financial stress on those who depend on you. If this happens, life cover can help them pay the bills and other living expenses. What is life cover? Life cover is also called ‘term life insurance’ or ‘death cover’. It pays a lump sum amount of money when you die. The money goes to the people you nominate as beneficiaries on the policy. If you haven’t named a beneficiary, the super trustee or your estate decides where the money goes. Life cover may also come with terminal...
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