In these very uncertain times, it helps to know that there are things we can do to grab the reins and take back control over our own life. To help you with this, we have a few steps you can take to regain control and secure a more financially stable future as well.
It isn’t a comfortable subject for many, but it still needs to be done. Not even half of Americans today have a will. The will is a legal document that outlines your wishes for your assets and minor children if you were to pass away. Without a will, state laws will decide these things, and it can also delay the process of resolving your estate as well.
This is another legal document you should have because it explains what kind of medical care you would want in the event that you can’t speak for yourself. The most common types of advanced directives are living wills and a durable power of attorney. The living will spell out your wishes, while a power of attorney gives the power to a trusted individual to make healthcare decisions on your behalf.
An attorney can help with these legal documents, or you can create them online. When doing it yourself, be sure to review state laws where you reside regarding living wills and power of attorney. Some will require that the paperwork is signed in the presence of a witness, while others may need to be notarized as well.
If you have anyone who depends on you financially, you definitely want to look into life insurance. This includes staying at home parents and other caregivers. The life insurance policy can cover any and all funeral costs and other living expenses, including a mortgage, so that your family is financially stable when you pass.
The average cost of a funeral is between $7,000 and $12,000. This includes all basic fees, transportation of the remains, a casket, the funeral home, embalming, and other preparation that is needed. These costs can be devastating to the grieving family on top of worrying about the other living expenses that also need to be paid as well. A life insurance policy helps with all this and gives the family greater peace of mind.
Finally, you should also consider disability insurance. This kind of insurance can help when unexpected health challenges pose a problem, and you can no longer work. It is essentially a type of insurance coverage for your paycheck because it protects your income until you can return to work. Some policies will work for any budget or lifestyle, similar to what is required of life insurance policies.
For more information on life insurance or other protection you can purchase to help regain control of your life and ensure a more financially stable future for your family, then contact the experts at Panorama today.