Secure Your Child’s Future In 5 Simple Ways

Anjali Malhotra May 25, 2019

Being a parent is an amazing feeling but parenthood comes with a lot of responsibility; from raising them to fulfilling their dreams and securing their future. With the change in times, to be able to give the best to your child necessitates thoughtful financial planning from an early stage. With growing inflation and rising competition, it is imperative to secure yourself from uncertainties and protect your child’s future.

As parents it is important you know your child’s interests, inherent talents, and aspirations for a better understanding of their unique strengths which will help them in the longer run. Aviva Life Insurance suggests five ways in which you can ensure professional success for your child and help them achieve the future of their dreams.

Insure your child’s future

With inflation impacting almost every sector, it becomes challenging at times to cover all the needs of your child such as their education and health. Every parent wants to ensure nothing but the best for their child. Why take a loan or sell or mortgage your assets? A child insurance plan, such as Aviva Young Scholar Secure allows you to secure your child’s future by ensuring you are financially secured and do not have to worry about money when it comes to their education or healthcare.

Identify their inherent talent

While we start planning for our children even before they are born, be it about how we raise them or the profession we would like them to the pursuit, it is also important we identify what their inherent talents are. Today there are psychometric assessments and tools that allow you to identify one’s innate skills at a very young age. One such platform is Aviva Kid-O-Scope, a one-of-a-kind online platform that allows you to identify your child’s inherent talent through various psychometric assessments and also allows to nurture them through various activities, tips, blogs, and videos. Additionally, the education cost calculator helps you with an estimated cost for your child’s education considering all external factors like inflation, etc and helps you plan your financial requirements well in advance.

Secure Oneself from future uncertainties

As parents, the welfare and well-being of your child is your responsibility. This includes securing their future even in your absence. By protecting yourself with a life insurance policy, it will not just be beneficial to you and help you achieve your life goals but also ensure your liabilities and debts are not passed on to your loved ones in case of an unforeseen event.

Invest in fixed deposits

While you can purchase insurance plans that fit your requirements, the traditional form of savings such as fixed deposits is another simple way to ensure you have a corpus of funds to meet your child’s needs at every juncture as they map their journey. Plan your fixed deposits in a way that they mature at different point of time such as the time when your child enters school, they go for their higher studies and for their marriage as well.

Write a Free Will

As parents, we mostly nominate our child in all the investments that we make. As you earn and acquire assets, you need to ensure a structured and smooth transition of passing the possessions to your loved ones. While stigmas continue to exist around writing a Will; but in today’s time, drafting one ensures your possessions are passed on to your heir in a hassle-free manner. Aviva Will Writing service is an online platform that helps customers create a Will for their assets, in 3 simple steps in just 15 minutes!

Don’t wait till your children grow up to start planning for their future. Planning early will not just allow you ample time to plan for the best for your children but also time to nurture and raise them in the best possible way.