Nobody likes to talk about Death or the idea of being Permanent Disabled. But Death will eventually come knocking on your door when you are the least prepared. So are the chances of being Disabled.
You can be single at this moment of reading this post but you may have your dependents like your Parents.
Or you can be just starting your family or you can be already having your two little “monsters” (children) tearing you upside down but nonetheless, seeing them growing up is always a joyous moment.
While so… how prepared are you in terms of your Survivor’s Needs Planning? And what we mean by Survivor’s Needs Planning are as such, when you suddenly forgot to breathe tomorrow but still being able to:
- (if you are single) Take care of your Parents financially for the rest of their lives
- (if you just start a family) Take care of your Spouse or the mortgage loans for your new house
- (if you have children) Take care of your Spouse, your children till they are independent and their university education
all this and even more without affecting their current lifestyle with you still around!
Therefore you need to ask yourself the following questions and see how prepared you are in terms of your Survivor’s Needs Planning.
Questions To Assess Your Current Situation
- In the event of your premature death, how much do you think your family would need to maintain their current standard of living?
- How long do you wish to provide for your loved ones? (do you have enough as of now?)
- What amount do you think would cost your family to meet the last expenses in the event of your premature death? (please think at least $10k to $15k)
- What plans do you have in place currently to meet this concern? (please do not depend too much on what your company is offering)
- Do you personally think these provisions are sufficient for your loved ones?
Questions To Assess If You Will Face Any Problems
- What would you think is the total financial loss to your family when you are gone?
- How would your family cope financially (does your spouse need to work now and neglect the children)?
- To whom could they turn to for financial help? (do you think this kind of help is permanent?)
- Would your family members be adequately provided for in the event of your demise? (How Long?)
- How long do you think your family would be able to maintain their current standard of living (after depending so much on your income) if you are no longer around?
Questions To Assess If Anyone Around You Will Be Affected
- Who would have suffered most financially? Your Parents, Your Spouse or Your Children?
- What impact (financially and emotionally) would your absence have on your family in the event of your premature death?
- Where do you want your family to live in the event of your death?
- What would happen to your other half or your children if you are no longer around to provide for them?
- If you had died last night, what would have happened to your loved ones?
Questions To Assess If You Are Ready For A Solution
- How would you feel if your parents, your spouse and children are financially independent in the event of your absence?
- What benefits do you see if you are able to cater to your Survivor’s Needs Planning?
- What would your other half and children think of you then? Happy that you have planned for them or Angry that you just leave them alone to fend for themselves?
If you have never thought of asking yourself these questions, this will be a good time. Starting now is never too late as long as you are willing to commit.
Remember that planning for your Survivor’s Needs with an insurance plan is not just paying your Financial Planner a commission but rather that your small commitment (premium) today will set you and your family to be more financially independent tomorrow.