The importance of a life savings plan

It’s important to save, seeing as savings help you achieve your long and short term financial goals. But more important is having a plan for your savings and getting an extra benefit on your savings – something like a life insurance plan! The fantastic combination of savings and a life insurance plan is a life savings plan.

Below are few reasons why it’s important to have a life savings plan:

• Unexpected expenditure - You can never know when an urgent situation will occur. A broken major appliance or an expensive automobile repair can put a huge dent in your finances. Although, you may have health insurance and car insurance, what about other expenditure that require out-of-pocket expenses like roof repairs? A life savings plan can come in handy here.
• Asset protection - The returns linked with savings accounts traditionally have been smaller than those of other types of investments. However, tying up all your capital in non-liquid investments for the likelihood of a superior return means that you might be forced to sell at an unfortunate time due to an unexpected expense or emergency. Having a savings account like life savings can be a good way to protect your investment collection from loss while still earning returns.
• Family Security - Providing for your family's financial security is an important part of the financial planning process. Having the proper insurance coverage, like a life savings plan can give you peace of mind knowing that your family will be taken care of in case of death.
• Life-changing goals - Retirement shouldn’t be the only life goal you save towards, there are several milestones in life that will require you to open your wallet. Consider the following life-changing goals: college, marriage, buying a house, or a car. If you have a bucket list that includes things like traveling, having new experiences, etc. then it’s important to save for these life-changing and wonderful experiences with a life savings plan.
• Standard of Living - The savings created from good planning can prove beneficial in difficult times. For example, you can make sure there is enough insurance coverage to replace any lost income should the family bread winner become unable to work.
• Peace of mind - The reduced stress from having money in the bank frees up your energy for more enjoyable thoughts and activities. You can relax knowing you will be taken care of by your savings.

A life savings plan gives better interest rates than traditional savings account and offers free life insurance cover. It is better to use a life savings plan to achieve your financial goals and protect your loved ones in the future