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Oct 06, 2023
Father and Mother with newborn baby

Life is full of choices, especially when it comes to our money. From the time we start our first job, to when we grow our families, and even when we think about retiring, we're always making decisions about how to spend and save. And like planning a journey, it’s best to have a clear map so we don’t get lost.

Think about financial planning as that map. It's like a guide that helps us know where we’re going with our money. Whether we’re just starting out in our work life, settling down with a family, or getting ready for our older years, we always need to be ready for what's ahead.

One big part of being ready is having insurance. It’s like a safety net. If something unexpected happens, insurance can help make sure we and our families are okay. It’s a way of looking out for those we care about, no matter what life throws our way.

As we talk about planning our money at different ages, always remember: we can start making good choices at any time. It’s all about being smart with what we have and thinking about the future.

 

The Early Bloomers: Financial Planning in Your 20s

When we’re in our 20s, it feels like we're just starting our journey in the big world. We might land our first serious job, move to a new place, or even start a family. With all these new experiences, there's something really important to remember: the choices we make now can shape our future in big ways.

1. Why Start Early?

You might think, "I'm young, why should I worry about money now?" But here's the thing: starting early gives us a head start. It’s like planting a tree. If we plant it early, over time, it grows bigger and stronger. The same goes for our savings and our plans. The earlier we start, the more time we have for our money to grow and work for us.

2. What About Insurance?

In our 20s, we might feel like we’re invincible, like nothing can touch us. But life can sometimes bring surprises. Maybe we have an accident or get sick. This is where insurance comes in. Think of it like an umbrella on a rainy day. It keeps us protected. At this age, we might not need a big, fancy insurance plan, but having some basic cover is a smart move. It means if something does happen, we won't have big bills that can set us back.

3. Building for the Future:

When we’re young, it’s easy to think about the now and not so much about the future. But by planning early, we're setting a strong foundation. It's like building a house. If we set the first bricks straight and solid, the whole house will stand tall for years. Setting some money aside now, even if it's just a little, and getting some insurance, can help make sure that down the road, we're in a good place. This way, we can enjoy the fun stuff now and also know we're ready for whatever comes next.

In our 20s, we have the energy, the dreams, and the whole future ahead of us. By making smart choices now, like starting to save and getting insurance, we’re giving ourselves the best chance to make those dreams come true.

 

Stability in the 30s: A Decade of Growth and Responsibilities

When we hit our 30s, life often feels like it's moving faster. We might have a family to look after, a home we're paying for, and a job that keeps us busy. It's a time of big growth, but also big responsibilities. And with more on our plate, making sure we have a plan for our money becomes even more important.

1. Juggling Life’s Big Moments:

In our 30s, there's a lot to balance. Maybe we have children who need school supplies or a home loan we’re trying to pay off. And in between all this, we’re also trying to grow in our jobs. With all these things happening, it's easy for money to feel a bit tight. But by having a clear plan and sticking to it, we can make sure all these pieces fit together nicely.

2. Changing Needs, Changing Plans:

Life in our 30s can change a lot. Maybe we get married, have kids, or buy a new home. All these big steps can change what we need from our insurance. For example, if we have children, we'll want to make sure they're taken care of if something happens to us. This might mean updating our insurance to cover their needs too. It's always a good idea to take a moment every now and then to see if our current insurance still fits with where our life is at.

3. The Backbone of Safety:

With more people depending on us in our 30s, having a backup plan becomes really important. Think of it as a safety net. If something unexpected comes up, like a big medical bill or an unexpected home repair, we don't want it to throw off all our plans. Having some savings tucked away and the right insurance can be that safety net. It helps us feel sure that even if life throws a curveball, we can handle it and keep our family safe and sound.

Our 30s are a time of big steps and big changes. But with the right plans in place, like saving regularly and updating our insurance as our life changes, we can walk through this decade with confidence, knowing we’re building a strong and secure future for ourselves and our loved ones.

 

Peak Financial Management in Your 40s and 50s

As we step into our 40s and 50s, life feels fuller. We've seen and done a lot, and with all those experiences, we've also learnt a thing or two about money. It's a time when we're in our stride, confident in our choices, but also keenly aware of the future ahead. This is when we want to make sure everything's lined up just right.

1. Looking Back, Moving Forward:

By the time we hit our 40s and 50s, we've reached many of life's milestones. Maybe we've raised children, bought a home, or grown in our careers. It's a good time to sit back and look at where we've been and where we want to go next. Maybe we've got some old loans that are almost paid off, or we're thinking about retirement. By taking a look at our financial journey so far, we can adjust our plans to make sure the road ahead is smooth.

2. The Safety Blanket of Insurance:

With all the wisdom we’ve gathered, we know life can be unpredictable. Even with all our planning, things can come out of the blue. That's where insurance steps in. It's like having a sturdy umbrella when the storm hits. Maybe we face health issues or other unexpected challenges. With the right insurance, we can make sure we're protected, and our family is too. It's about making sure we're not caught off guard.

3. Thinking About Our Kids' Futures:

If we've got children, this is the time many of them might be thinking about university or starting out on their own. We want to give them the best start possible. Maybe that means helping with school fees or setting them up in a new place. By planning ahead, we can be ready to support them without putting a strain on our own finances. It's about finding that balance, making sure they have what they need while also looking after ourselves.

In our 40s and 50s, we're at a peak moment. We've got the experience and knowledge to make smart choices. And with a little planning, like reviewing our financial goals and making sure our insurance is up to date, we can face the future with a strong heart and clear mind, ready for whatever comes next.

 

Golden Years Planning: 60s and Beyond

As the sun sets and paints the sky with golden hues, our 60s and beyond come calling. These years, often lovingly termed our 'golden years', are a time of reflection, relaxation, and making sure everything's in order. After decades of hard work, it's our moment to take a step back, enjoy, and ensure we leave a lasting legacy.

1. Dreaming of Retirement:

For many of us, our 60s mean retirement. It's the time when we finally get to take off our work shoes and relax. But relaxation is sweeter when we know we have a solid plan in place. This means looking at our retirement savings, understanding how long they'll last, and figuring out the lifestyle we want. Do we want to travel? Pick up new hobbies? Or simply spend more time with family? By knowing our goals, we can adjust our finances to make them a reality.

2. Taking Care of Our Loved Ones:

Our family has been our pillar of strength, our constant source of love and support. In our golden years, it's natural to think about how we can support them even when we're not around. This could mean setting up funds for our grandchildren or making sure our spouse has a comfortable life. It's our way of saying 'thank you' and 'I love you', even in our absence.

3. Life Insurance as a Legacy:

Life insurance isn't just about protecting ourselves; it's also about leaving a mark. As we age, our needs change. We might not need as much cover for things like accidents, but we might want to leave something behind for our loved ones. This is where life insurance can become a legacy tool. It ensures that when the time comes, our family gets a helping hand, be it to cover expenses, continue with a family business, or simply as a gift from us to them.

Entering our 60s and beyond is like starting a new chapter. It’s a time of reflection and looking ahead. With careful planning, like reviewing our retirement savings and understanding how life insurance can be a gift, we can step into these years with confidence and grace. We've earned this moment of peace and deserve to relish it fully, knowing our loved ones are taken care of.

 

Why Bona Life Insurance Fits Every Age

Life's like a river, always moving, always changing. Sometimes it's calm, other times there are rapids, but through it all, we need something steady to hold onto. This is where Bona Life Insurance comes into the picture.

1. Bona Life’s Versatile Offerings:

Every person is unique. We all have different dreams, different families, and different needs. Bona Life understands this, and that's why they've crafted insurance plans that can fit every stage of life. Whether you're just starting out in your 20s, growing your family in your 30s and 40s, or stepping into the golden years, Bona Life's got your back.

2. Matching Life's Ever-Changing Tides:

Life doesn’t stay still. We grow up, get jobs, fall in love, raise kids, and so much more. With all these changes, our needs change too. What suited us in our younger days might not fit now. Bona Life gets that, which is why they believe in adjusting and tailoring plans as we move along in life. It’s like having a trusted friend who walks beside us, ready to support at every turn.

3. Age-Specific Plans Just For You:

Bona Life has put a lot of thought into their plans. They've looked at what we might need at every age and crafted special plans accordingly. So, no matter how old you are or what your dreams are, Bona Life has something that’s just right for you. It’s not a one-size-fits-all; it’s what’s perfect for you.

Conclusion

Life's a beautiful journey. From our first steps to our wise, older days, every moment is precious. Along this path, we've made choices, faced challenges, and celebrated joys. But one thing that’s always important is to be ready for what’s next. That’s where financial planning and insurance come into play.

Bona Life Insurance is more than just a company; it's a promise. A promise that no matter where you are in life, they're here to help. They understand that as life changes, our needs do too. With their versatile and age-specific plans, they offer that steady hand to hold onto, giving peace of mind and security.

Take a moment to think about where you are now and where you want to be. With the right plans in place, the journey becomes a bit smoother, a tad more secure. Reach out, chat with Bona Life, and find that perfect plan that’s made just for you. Because life's too beautiful not to be prepared.

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How do I make amendments to my policy?

Fill out an amendment form supplied by Bona Life, and attach relevant supporting documents based on the nature of the amendment. For example:

  • Addition of a child to policy – birth certificate
  • Change of name- marriage, divorce decree or affidavit
  • Change of bank- new banking details 
How do I get my statement for my investment or savings policy?

Send a request to client service team via the various touchpoints (walk-ins, email, Whatsapp, Facebook, telephone) to prepare a policy valuation. Policy valuation will be shared via your preferred medium.

How do I cede my policy for a loan?

Send a request to cede policy to Bona Life and on confirmation of policy status, you will complete a cession form. Attach the KYC forms and policy documents will be prepared showing the cession. This is what you will take to the bank to complete the cession.

How do I surrender my investment or savings policy?

Submit KYC documents, Complete surrender form, write surrender letter & attach bank statement for account that the money will be deposited to.