We need to talk - Having the hard conversations about death and disability - FWS020
07/14/15 • 19 min
Preparing a loved one for our eventual departure from this planet is never a pleasant conversation - but it is one of great importance.
- What will the household budget look like if we pass away?
- Is life insurance necessary and, if so, is it the right kind of insurance?
- Are the living arrangements condusive for physical disabilities?
- What about Long Term Care Insurance?
Coach Becky has seen some of her clients lose a spouse. She gives the example of a husband with cancer that assured his wife she would be okay because he had $200,000 in life insurance. What they didn’t realize was the policy was an Accidental Death policy. Cancer is not accidental so she did not receive a payout when he passed away.
Another consideration is managing a disability or parent who needs assisted care. Does one move into a different house with fewer stairs or can fit a wheelchair through the doorways? What about living in an apartment to elevate much of the maintenance responsibilities. A budget can be busted if one spouse goes into assisted living without Long Term Care Insurance coverage.
Coach Becky also believes children need to be prepared (where age appropriate). However, deciding where to live could be influenced by where your grown children have settled - and they need to be consulted.
CONTACT US for a free initial consultation where we can match you up with the perfect financial wellness coach who can serve as the moderator or mediator for these life-altering decisions.
Preparing a loved one for our eventual departure from this planet is never a pleasant conversation - but it is one of great importance.
- What will the household budget look like if we pass away?
- Is life insurance necessary and, if so, is it the right kind of insurance?
- Are the living arrangements condusive for physical disabilities?
- What about Long Term Care Insurance?
Coach Becky has seen some of her clients lose a spouse. She gives the example of a husband with cancer that assured his wife she would be okay because he had $200,000 in life insurance. What they didn’t realize was the policy was an Accidental Death policy. Cancer is not accidental so she did not receive a payout when he passed away.
Another consideration is managing a disability or parent who needs assisted care. Does one move into a different house with fewer stairs or can fit a wheelchair through the doorways? What about living in an apartment to elevate much of the maintenance responsibilities. A budget can be busted if one spouse goes into assisted living without Long Term Care Insurance coverage.
Coach Becky also believes children need to be prepared (where age appropriate). However, deciding where to live could be influenced by where your grown children have settled - and they need to be consulted.
CONTACT US for a free initial consultation where we can match you up with the perfect financial wellness coach who can serve as the moderator or mediator for these life-altering decisions.
Previous Episode
A Sure-Fire Strategy To Upgrade Cars With Cash - FWS019
How to drive and pay cash for a $15,000 car in 4 years.
How rich would we be if we stopped driving? The concept was featured in a recent article on Wisebread.com and posed the question “What is a car really costing you?”
A car is a necessity to get around on your own schedule instead of waiting for a bus or call Uber to pick you up. The cost of operating a vehicle in the United States, as exemplified in the article, was estimated to be over $7,000 a year - and that does not include car or lease payments if you don’t buy the car straight-out:
- Depreciation $3,571
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Next Episode
Going Back To School As An Adult - FWS021
More and more adults are going back to school. It's a rising trend among professionals and those looking to expand their career field.
Our very own Coach Julia is no stranger to going back to school as an adult. She shares her experience and wisdom on the subject.
Take-aways from this episode:Coach Julia remembers wanting to quit many times. The reward of finishing and possible opportunities are what keeps her going.
Don't worry about being the oldest person in the class. You may be sitting next to the future CEO of a company that may hire you. They may have connections through networks or knowledge of career opportunities.
The most important thing is to know your "why" and - maybe more importantly - to finish.
Practical things to do before going back:
- Get the family's buy-in - their support is extremely important
- Decide on the type of education (degree, certification, completion)
- Consider the options for learning on-campus, online, or at a trade school
- Is it a semester course? 5-week class? Nights or weekend classes?
There are differences between learning style and learning environment. Location doesn't matter as much. The most important thing is to finish.
And finally:
Be prepared to spend more than the initial cost for indirect fees
Be prepared for things to interrupt your studies
Be prepared for live events to get in the way of your schedule
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