Getting married and starting a family are two of the biggest life milestones people will experience. It is at those significant moments in life, you need to think about securing your financial wellbeing and independence.1. Getting MarriedSharing your life with another is exciting and joyous, and it also means starting to share financial commitments and expenses. As you progress through your life together, you may want to buy your first home, start a family, get a bigger car or pursue your entrepreneurial dreams. Whatever it may be, all things cost money, and bills can escalate rather quickly.Many couples don't think about protecting themselves or their financial future at this early stage of their lives because they are young, and feel invincible.But it is at the starting point of your lives, that you need to start making smart life decisions to give each other the best opportunity to enjoy a life of financial security and happiness.The deeper your relationship, and the more financial commitments you enter into together, it's always a good time to get a reality check, and ask each other, some confronting questions about how they will cope and manage if some traumatic event should occur to either one of them.Can you continue to pay the bills? Can you cope financially in a time of crisis? Can you afford to nurse your partner back to health without having to work?Planning for a secure future means taking time out to ensure all safety measures are adequately in place so you can enjoy life's joys without financial stress.2. And Baby makes ThreeWhen two become three, it's a time to celebrate and to relish the moment of parenthood. It also means adding a new financial dimension, and a duty of care and responsibility for your baby's wellbeing and future.We all know, having a baby is expensive, and there are financial adjustments that need to be made and altered to best accommodate the needs of a growing family.There are other expenses you need to consider, and plan for, things like childcare costs, private school fees, and how you can balance all the existing and new financial commitments to take some time out of work to enjoy looking after your new addition.Protect your Family's FuturePutting protection measures like life insurance can help loved ones continue living their lives without fearing financially for their future when you're gone.How can life insurance protect your family's future?1. It can help to fund living expenses while the household regains it's financial footing.2. It can help pay off some financial commitments like planned school fees or weddings.3. It can help replace your income and pay for medical bills, and allow your family to stay in their home, and keep children in their current schools.4. It can help bring your children's future into reality like planned schools.5. Most significantly, it can help reduce or pay-off your mortgage, and meet other day-to-day living expenses.It is best to start your life off 'on the right foot.' It's never too early or too young to seek professional advice on how to protect your life and your family's future.I am a financial planner and an Accredited Specialist Aged Care Adviser with Dome Financial Group (Dome Financial Group trading as Dome Financial Services Pty Ltd is An Authorised Representative of Financial Wisdom Limited ABN 70 006 646 108 AFSL 231138)If you would like help with your life insurance needs please contact us on 1300 723 300 or visit our website at www.domefg.com.auFollow Dome Financial Group on LinkedInLike Dome Financial Group's Facebook PageThe information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.
