What’s the Connection?
Photo by Kampus Production
October has a lot of awareness focuses that are important to those of us who are in the life insurance business. Some of them are Critical Illness Awareness Month, Financial Planning Month, and Long-Term Care Planning Month.
How do they relate to each other? Let’s talk about it!
Critical Illness
Critical illness is a condition usually brought on by some type of stress in the body. It can be stroke, heart attack, cancer, any of a number of illnesses or conditions that you will probably survive, but it can take a lot out of you, and cause you to lose time at work while you’re in the hospital and recovering at home.
Not only are these conditions often caused by stress, they can cause stress because – you still need to pay your bills!
However, with a critical illness insurance policy, you can receive a lump sum of money that can help you stay afloat until you can go back to work.
Back in April, I had a stroke, that I’m still recovering from. I couldn’t work for a while, and bills were piling up. However, I received a lump sum from my critical illness insurance policy, I didn’t have to rush back to work – my rent is paid, my car note is paid, I have food in my refrigerator. I can pay doctor bills and rehabiltation cost. I can focus on getting well instead of worrying about keeping a roof over my head.
Long-term Care
Long-term care can sometimes be needed when you have a heart attack or stroke, or if you’re in an accident. You may need nursing care, you may need rehab, you may need to go to a facility to recover. Too often we think of long-term care insurance as something for when you get older, however, many young people need it too! Today you can get life insurance with longterm care riders should your health allow. With long-term care insurance, you can make choices as to what kind of long-term care you want, whether it’s in your home or in a facility.
Financial Planning
And financial planning? That’s where it all comes together. Knowing how much insurance you can afford and can get. Knowing where your money is going every month. Financial planning is the umbrella for all the things you need so you can prepare yourself monetarily. Financial planning is preparing yourself monetarily for all the things you want.
I want specific things when I get older. I want to live at home. I want to have my hair, feet, and nails done every month. In short I am planning for the quality of life that Ive grown accustomed to! We all have very specific things that we want to happen during my long-term care. Make sure to set that aside for your my planning. Also, remember to take inflation and taxes into account.
It’s really important during financial planning to really think about what you want to have happen, who you want to execute it, how you want them to execute it, where do you want them to execute it. You can give specific instructions to your loved one to take care of your property to make sure your wishes are carried out.
In conclusion, financial planning, long-term care and critical illness are three rocks of planning. Critical illness insurance is for money while you’re living, Long-term care is for care while you’re living, and financial planning is how you pay for how you live.
Let’s go over your financial planning, long-term care and critical illness plans. Contact me here!
Leave a Reply