Top of main content

Protecting your loved ones

In Protecting your financial future , we outlined how a life insurance policy can provide reassurance that your loved ones will be looked after, and better able to cope financially, if you're no longer there to provide for them. However, there are many other ways you can protect the people that you love.

Here are some of the more common options to consider:

Protecting your family’s health

Family health insurance policies differ widely, but may cover:

  • Some/all of the cost of surgery as well as minor treatments that you or your loved ones need
  • Some/all of the cost of hospital stays
  • Appointments with specialists and consultants
  • Diagnostic or follow-up tests

 

Some health insurance policies include provision for other medical support including dental care, eye care, physiotherapy, mental health support and pregnancy or maternity services.

* Health insurance is not presently offered through HSBC in the US

Making a will

Making a will is probably the most important action you can take to make sure your loved ones are protected and cared for in the event of your death.

Your will is a document that lays out what should happen to your money, possessions and property after you die. If you don’t leave a will, then the law will decide what happens, and this might not be in line with your wishes.

A will is about more than just money. It’s also about deciding who should look after children, if you have any, as well as about putting financial arrangements in place for loved ones once they become adults.

Supporting children

You might consider supporting a child or loved one financially by putting savings aside specifically for their education, or to help with university tuition fees. You could also give children a head start by saving towards their future retirement.

As with all savings, the earlier you start, the larger the savings pot will be when it is needed, and the more interest (and compound interest) you will have earned on the sum invested.

Caring for other loved ones

We are living longer, as a result of better healthcare and higher living standards throughout the world. One consequence is that more people are taking on the role of caring for an elderly parent or other relative.

How you care for relatives, and the role that you play, is a matter of personal choice. However, caring for an ageing relative can require specialist help and support, and may require you to stop work, or reduce your working hours. 

Power of attorney

This is a legal document that gives someone else the authority to manage your bank accounts and financial affairs on your behalf.

You may want to suggest that your partner, parents or grandparents think about setting one up. As people get older, this can be a sensible precaution to take as it means they could identify someone who could help them with their finances if they were to get dementia, suffer memory loss, or become hospitalized.

However, this is not a decision to be taken lightly. Before giving anyone power of attorney, you should consider consulting a professional or getting legal advice. 

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.