Filipinos are naturally caring – especially for the elders. It must be the close family ties that we Filipinos have in our culture but caring for our parents seems to be an almost inevitable task. Of course, we may never know what lies ahead, but it’s best to take advantage of time and prepare for a brighter future not only for ourselves but also for our loved ones.
Here, Sun Life Financial Philippines Advisor Joanne Pua lets us in on some things we can do to secure a well-planned financial plan for our parents.
Question: What significant financial steps do I need to make to secure the future of my parents?
Joanne: First and foremost, I believe that continuous education plays the biggest part in securing my parents’ (and everybody else’s) future. Next comes applying what is learned and adapting to the changes in the financial market. In this fast paced world, technology plays a vital role in gaining knowledge crucial in our financial decisions.
Question: What insurance or investment products can I purchase for them?
Joanne: To cover death taxes and earn from their annual outlays, I still believe that Sun Life’s Variable Unit Life product, MaxiLink Prime is the best option for them.
Question: What benefits can my parents get out of the product?
Joanne: This product gives them the flexibility to make additional investments anytime and adjust their risk appetite based on where they are at in their life cycle. They can draw also from their funds as a form of pension in their retirement years without worrying about depleting their insurance coverage.
But before all these are attained, the key is communication. It always starts with a sit down talk with your parents to discuss their financial state and how you can help them.
Need more professional advice? Contact a financial advisor here.
Photo used under Creative Commons from Chris Neal.