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How will you look after your family?

With careful planning, you'll be able to maintain your family's current standard of living even in the event of unforeseen incidents.

If an emergency happens, your family will be able to rely on three sources of income:

  1. Available funds from your account
  2. Investments that can be liquidated in an emergency
  3. Claims from insurance policies
  • Deposits easily available for withdrawal

It's advisable to have available funds equivalent to three to six times your monthly income that you can withdraw immediately for emergencies.

  • Regular investments

Making fixed-term investments with the money you can spare on a regular basis is a good way of planning for your long-term goals, but this also implies that these funds cannot be withdrawn easily as early redemptions could result in financial losses. Assess your investments regularly to ensure they meet your current requirements.

  • Insurance

Insurance plans are comprehensively and frequently used for health and accident coverage to tide you and your family through difficult periods of illness and health issues.

In the unfortunate event of a death, term life or whole life insurance policies will provide your family with a financial pay-out, which can be used to pay off debts or loans, pay for your child's education or take care of other daily expenses.

If you fall ill, critical illness insurance plans can offer a strong level of security too. This is why it's important to verify the terms and conditions of your insurance policies and be clear of the scope of coverage they provide.

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The views expressed and the information contained in this article are for general reference only, and are not intended to offer any professional opinion (including but not limited to financial, tax, legal or accounting advice) or investment advice. In addition, the information contained herein has not taken into consideration your investment experience, objective, financial sources and relevant circumstances. You should not regard this article as the bank offering opinions/advice in these areas, or rely on it as the basis of any investment or other decisions. This article does not constitute any advertisement, promotion, recommendation, offer, solicitation of offer or advice for any product or service offered by the bank. The bank is not recommending or soliciting any action based on it.

The bank and HSBC Group make no guarantee, representation or warranty and accepts no responsibility for the accuracy, timeliness or completeness of the views and information contained in this article including any third party information. Third party information is for your reference only, and shall not be deemed as the bank’s recommendation or endorsement of any views, data or other information contained therein. The views expressed in this article are subject to change without notice.

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