Financially Protecting Your Family During the Pandemic by Chantay Moore
While we can never expect to live in the times we are living in, we can only continue to prepare for the unexpected. Here are three things that should be addressed when it comes to our finances:
1) Make sure everyone in the family has proper life insurance coverage, even your children too. Life insurance is not a fun topic to talk about because most think of it for death only, however, insurance companies have created insurance policies that offer living benefits as well. For example, an indexed universal life insurance policy would offer a long-term care benefit that would provide funds to a family in the event a policyholder became chronically, critically, or terminally ill. Those long-term care funds would greatly assist a family from experiencing financial devastation if one of their loved ones was seriously affected by a qualifying illness.
2) As a lot of us are experiencing the loss of a job, decreased working hours, or the inability to work to take care of children or loved ones because of the pandemic, we have seen more and more the need to have funds saved in case of emergencies. It is imperative to cease any unnecessary spending and save as much cash as possible for the potential of prolonged loss of income. We also see a lot of creditors offering deferred payment options and it something you should call and ask for to help with minimizing your expenses during this pandemic.
3) Lastly, have your wishes in writing with a Living Will, Power of Attorney for your healthcare and finances, and possibly a Revocable Living Trust. You never want to leave your family in a position to make life-transforming decisions on your behalf if you’re ever in a position when you cannot. Need help? Connect with us online: https://www.nafls.com/financial-advising-services/
Want to see if this strategy makes sense for you, talk to one of our licensed financial professionals: https://www.nafls.com/financial-advising-services/
Please feel free to reach out to Chantay Moore directly at:Facebook.com/nativeafls