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Protecting your financial future

Protecting your financial future isn’t just about taking out insurance to protect you against life’s risks. It’s also about deciding how and where to put savings aside to protect the people and things that you love, and to ensure you're prepared financially if things don’t go to plan. Our future-planning guide in Savings Strategies will help you.

Retirement planning

Today, more of us are able to enjoy longer retirements than we planned, thanks to improved standards of living and better healthcare worldwide. That’s why it’s important to consider how to protect your financial future as soon as you can, and start putting savings aside for your retirement.

The longer you're able to save, the more comfortable your future will be, and the more effectively you can support family and loved ones. We discuss planning for your retirement in more detail in our guide to Healthy Financial Habits

How insurance can help to protect your financial future

Choosing the right ways to protect your future financial health is a matter of personal choice. It will depend on a number of factors, including:

  • What’s important to you (the people and things that you love)
  • Your age
  • Your job
  • Your relationship status
  • Your general health.

 

We consider specific ways to protect your family and loved ones in the next article, but it’s important to consider the financial risks you might face and be prepared for them if they occur.

Here are two common ways that insurance can help:

  1. Protecting your life - Life insurance can pay a lump sum to your beneficiaries if you pass away. It can provide reassurance that your loved ones will be looked after, and better able to cope financially, once you're no longer there to provide for them.
  2. Protecting yourself with long term care and disability - If your income falls as a result of illness or injury, long term care and disability insurance can step in to replace some, or all, of the shortfall.

Are you covered already?

Before taking out an insurance policy to protect your financial future, it’s worth reviewing whether you have any in place already. For example, you may find that your workplace benefits include some form of disability insurance, or access to attractive rates negotiated with providers. Your employer may also have an obligation to continue to pay you if you are unable to work through sickness.

HSBC has partnered with Everfi to create a series of modules on a variety of topics, including Savings, Banking, Credit Cards & Interest Rates, Credit Scores, Financing Higher Education, Renting vs. Owning, Taxes and Insurance, Consumer Protection, and Investing, giving you the tools to better manage your financial future. We hope these interactive digital modules can support your choices.

 

Additionally, HSBC has created the YourMoneyCounts financial wellness program which is presented by HSBC staff to the community in a classroom setting. Participant workbooks covering Budgeting, Credit, and Identity Theft and a budgeting worksheet are found through the YourMoneyCount link above. This program was created in partnership with the national nonprofit Greenpath Financial Wellness,  and they provide free individualized support focused on your personal situation and financial wellness.