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Preparing a loved one for our eventual departure from this planet is never a pleasant conversation – but it is one of great importance.
- Do you have the appropriate insurance?
- What will the household budget look like if we pass away?
- What about Long Term Care Insurance?
- Do we need to move if one of us becomes disabled?
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.
Visit FinancialWellnessShow.com/coaches
