Complete guide to family protection: Safeguard your family in every aspect!

2024-02-05

5 Mins Read

As we navigate through the multifaceted stages of life, the pivotal phase of our 30s brings forth the dual challenges of advancing careers and shouldering family responsibilities. This necessitates meticulous consideration of every detail to ensure resilience in the face of unexpected changes. Undoubtedly, a comprehensive family protection strategy takes precedence.

Why is a holistic family protection strategy so crucial?

Family security extends beyond mere financial support; it encompasses various facets such as health, children's education, retirement, and elderly care. This comprehensive protection system aims to guarantee families receive ample care in all aspects, ensuring financial well-being and overall life quality.

Before crafting a family protection plan, a thorough understanding of the needs of each family member is paramount. Individuals in their thirties, grappling with increased responsibilities, must not only cater to personal needs but also consider specific family requirements like children's education and elderly care, ensuring a more pragmatic protection plan.

FortuneXtra Savings Plan

Explore how it helps make your wealth planning more stable, flexible and secure.

Advantages of savings insurance

The all-encompassing nature of savings insurance positions it as a financial management tool addressing both asset accumulation and life protection needs. For those aspiring to grow their assets while safeguarding their families, savings insurance offers a comprehensive and robust solution.

1. Wealth growth: Savings insurance is a financial product that blends savings with life protection. Typically, a portion of the premiums is invested to foster long-term appreciation of assets. This accumulation of wealth serves as a means to attain financial objectives, including funding for children's education and retirement plans, among others.

2. Life protection: In addition to asset appreciation, savings insurance provides life protection, ensuring that in the event of the policyholder's unexpected demise, their family receives a designated amount of protection. This helps maintain the family's financial stability.

3. Disciplined savings: Savings insurance instils a disciplined savings habit by encouraging timely premium payments. This fosters a stable financial plan, ensuring the realisation of long-term goals.

4. Lower risk: Compared to high-risk investment tools, savings insurance carries relatively lower investment risk, making it an ideal choice for those seeking a sound financial management approach.

5. Long-term planning: Savings insurance typically involves long-term plans, aligning well with extended financial planning. This aids in preparing for future uncertainties and securing your family’s well-being.

【FortuneXtra Savings Plan】Explore how it helps make your wealth planning more stable, flexible and secure.

How to choose and plan for appropriate family protection?

Assess coverage needs: Understand your family’s specific needs by considering the number, age, health status, and potential future requirements of family members, such as education, home purchase, overseas ventures, and retirement.

Set clear goals: Define clear goals for your home insurance, determining desired coverage in different situations to ensure the selected plan aligns with your actual needs.

Understand insurance types: Familiarise yourself with various types of home insurance, including life insurance, critical illness insurance, accident insurance, etc. Understanding their characteristics and applicable scenarios aids in creating a comprehensive protection plan.

Consider savings insurance: Savings insurance, blending savings and life protection, offers a comprehensive approach to financial security. Choosing a savings insurance policy that not only fosters asset appreciation but also integrates the function of life protection features, contributing to a comprehensive family protection plan. When selecting savings insurance, delve into particulars like premiums, coverage, and claim settlement methods. Through meticulous analysis, you can identify the product that aligns best with the needs of you and your family.

Features of AXA’s ‘FortuneXtra Savings Plan’

Choose from up to 9 policy currencies, including RMB, USD, GBP, etc.
Unlimited number of times† of policy currency conversion in whole or in part
First-in-market**: Dual currency lock-in accounts to accumulate interest and make flexible withdrawals anytime
Divide your policy into multiple separate policies: More flexible financial planning
Flexible and comprehensive inheritance options, including changing the insured and appointing a contingent owner for an unlimited number of times
Achieve ambitious goals with considerable potential returns

【FortuneXtra Savings Plan】Explore how it helps make your wealth planning more stable, flexible and secure.

For more information on comprehensive protection and savings plans suitable for you and your family, please reach out to AXA’s professional financial consultants.

fCurrency Conversion Option can be exercised within 30 days from each policy anniversary from the designated policy anniversary and only one application for conversion can be made per policy year.

**This is based on a comparison among participating savings plans with reversionary bonus available for new business from 2011 to November 2021 provided by insurers which are covered in the Provisional Statistics on Hong Kong Long Term Insurance Business for January to June 2021 (in respect of life & annuity (non-linked(Class A)) individual business (direct new business)) published by the Insurance Authority. The comparison was made with reference to the information on the company website of the relevant insurers and other information available to AXA as November 2021.

All of the product contents mentioned above are subject to terms and conditions. For detailed information on the terms and conditions, as well as exclusions, please refer to the relevant product brochure and policy contract.

No warranty or responsibility is assumed by AXA Hong Kong and our related or holding companies regarding non-infringement, security, accuracy, completeness, adequacy, reasonableness, fitness for a purpose or free from computer viruses in connection with the information and materials provided. AXA Hong Kong and our related companies and holding companies do not accept any liability for any loss, damage, cost or other expense, whether wholly or partially, directly or indirectly, arising from any error, inaccuracy or omission of the information and materials to the extent that such liability is not excluded by law.