Important financial decisions to take along with a new job

Important financial decisions to take along with a new job

PNB MetLife 06-11-2019 12:43:37 PM
Important financial decisions to take along with a new job

As you switch to a new job or bag your first-ever placement, it can be very overwhelming to adapt to the new office. Among other things, you also need to have a financial checklist to attend to. Let’s go over all the important action items of your financial routine in case of a job change or transfer. Read More

  • First and foremost, secure documentation and details of all financial considerations from your old employer. This includes the encashment of paid leaves, transfer of fund accounts etc. If the company had equity or any contribution schemes, settle your accounts. Also, get information on the allocation of your salary and other disbursements. Basically, get all your financial ducks in a row before you leave the old gig. Stay informed on where you stand financially as you move on.
  • Now, go over the benefits at the new workplace - if they offer group insurance, mainly. This will help you assess where you stand in terms of life protection/cover, so you can get a term insurance policy. A term insurance policy is a pivotal part of your overall financial plan in the long-term. This is because it provides protection against the uncertainties of life. One, term insurance provides for your family in your absence. Term insurance plans offer financial security in the form of ‘sum assured’ and ensure that our loved ones are financially independent and able to enjoy the same lifestyle even in our absence. On top of this, riders in term insurance extend the cover to customize and enhance your personal accident insurance. Term insurance riders like the Accidental Disability Rider covers you for such events too. Moreover, even if your workplace does provide group insurance, it may not be enough and buying individual term insurance is always a wise idea. 
  • Same goes for a health insurance policy. If your workplace has a scheme in place, it would still be worth assessing if it covers you to the extent you may need it. Basic hospital and medical expenses can potentially burn a hole in your pocket, so having a robust health insurance policy in place will be a major relief in events of emergency. 
  • A new job often means professional growth or promotion, so it is also the right time to think of a savings plan that can be useful in your retirement years. Everyone wants the best returns they can get on their savings. A good savings plan will enable you to create a financial blueprint for your goals at every stage in life. An investment plan is very crucial - as you go through various milestones in life, like marriage, kids, buying a new house, your financial requirements change. In order to be able to provide for these milestones without any worry, invest in a savings plan as soon as you can start. Most of these plans also allow policy loans, so you can provide for emergencies without having to break your bank balance or borrow money. Similarly, in the linked savings plans, you can also switch the funds in accordance with your risk appetite and need.
  • Retirement planning may sound too far off in the future, but for a smooth life post-retirement, you need to invest in a retirement savings plan now. Retirement can be very hard if you do not have enough savings. A retirement savings plan can help you financially secure your golden years.

As you step into the world of new professional responsibilities in a fresh job, do not forget the financial responsibilities that you have towards yourself. Provide for your present and future with term insurance and savings plan!

The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

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