Prepare for the Unexpected
“The will to succeed is important, but what’s more important is the will to prepare”. – Bobby Knight
Job Loss
Unexpected job loss is why having an emergency fund is critical. Three to six months of living expenses gives you some time to find another job so you don’t have to incur debt.
Becoming Disabled
Approximately, disablements for three months or more are medical conditions and illnesses so no ACC is paid There are two main options for you to consider when thinking about protecting your ability to earn a living.
- Disability Income Protection
What is income protection insurance? If you face an illness or injury that stops you from working, this insurance provides regular monthly payments to cover your ongoing financial commitments like household bills and mortgage or rent payments. Why do I need it? Your ability to earn is your biggest asset. If an illness or injury prevents you from working, you’ll want to know your finances and family are taken care of so you can focus on recovery and getting back to work. - Total Permanent Disablement (TPD) insurance? It’s about looking after you and your family’s future if you become totally permanently disabled and are unable to work as a result of an accident or illness. Why do I need it? Permanent disability might not only prevent you from working and earning, it could substantially increase the cost of maintaining a comfortable lifestyle for you and your family. With TPD Insurance you will get a lump-sum payment which can assist with your mortgage, cover medical expenses, modifications to your home or other bills so you can focus on adapting to your new world.
- Group insurance plan: If your employer offers group disability insurance, be sure that you understand the features, benefits and definitions of the plan. If you leave your current employer, this coverage does not follow you.
Group plans offer a solid base of protection that you can build upon with an individual policy to create a plan that is both comprehensive and cost effective.
Trauma? Critical Illness
What is trauma insurance?
It’s unfortunately common to face a trauma such as a serious illness or injury at least once in your life. Trauma insurance is designed to pay you a lump sum of money to manage the financial impact if you or one of your children were to face one of these events.
Why do I need it?
We often experience financial hardship as a result of a serious illness or injury to ourselves or a family member. Having trauma insurance can provide much-needed financial support to cover whatever you need, like taking care of medical treatment and rehabilitation costs, or simply allowing you financial breathing space to enable you or your family members to recover and be together, instead of at work
Dying Too Soon
Talking about death.
It is quite common to avoid talking about death and dying. If that is how you feel, perhaps it’s time to face the reality.
There will be times when your morale slumps and you feel terrible – physically and emotionally. At other times, you may feel optimistic about your situation. Talking about these feelings may be hard for you and for your listeners. It will be especially hard for the people who love and know you best. They will need time to adjust.
“People saying, ‘You’ll get well’ makes me really cross. I know I won’t be well. I want to say to them, ‘I am going to die and don’t you dare deny me this business of dying’.
However, the reality is death is inevitable. Every one of us will die sooner or later. The question is, are we prepared spiritually to join our creator? Did you leave a legacy of protection, financial security to your love ones?
In my opinion, there are only two important ways,
pray for forgiveness and accept your creator in your heart. Secondly, buy a sufficient cover of Life insurance.
What is life insurance?
This is one of the most simple but important types of insurance you can have. It protects your loved ones futures by providing them with a lump sum payment if you pass away, or are diagnosed with a terminal illness.
Why do I need it? Can your family pay the mortgage without you? Could they take time off work and look after you if you’re terminally ill? What about funeral costs? Life insurance is your way of looking after your loved ones when you’re gone.