Planning Ahead For Your Familys Financial Security

Planning Ahead For Your Familys Financial Security

Planning Ahead For Your Family’s Financial Security
No one likes to​ imagine that illness or​ death could compromise their family's financial security .​
But, tragically and all too often, these things devastate families and leave them in​ a​ vulnerable financial position just when they need the most security .​
Spending only a​ few hours preparing for such a​ scenario might save your family needless trouble .​
Once, only fathers needed to​ worry about this, but today with two-earner families comprising the majority of​ American families, both partners should actively participate in​ planning to​ ensure financial security for themselves and their children.
At the very least, each partner should have a​ simple will specifying who will receive assets and who will take guardianship of​ the children .​
Financial professionals advise naming one person to​ control the financial assets and another person to​ take physical custody of​ the children .​
You can prepare your own wills by purchasing a​ kit online or​ at​ an​ office supply store .​
Although this is​ a​ good short-term solution, you should consult a​ lawyer as​ soon as​ possible, particularly if​ you have a​ lot of​ assets or​ there is​ disagreement in​ your extended family about who should serve as​ guardians for your children.
Adequate life insurance is​ also essential to​ protecting your family .​
The majority of​ Americans do not carry enough life insurance to​ ensure that their family will enjoy the same quality of​ life after their death .​
Simple term insurance is​ adequate for most people's needs .​
Whole life policies rarely provide the same level of​ returns as​ other investments, such as​ stocks .​
Many insurance companies have life insurance calculators on their websites which will help you determine exactly how much insurance you need .​
Be sure to​ take into account any insurance provided by your employer .​
If one spouse stays home with the children, they should also be insured since the surviving partner will need to​ pay for child care and household services.
Most Americans are unaware that it​ is​ not death, but disability that most frequently causes financial problems for a​ family .​
Check with your employer to​ see if​ they offer short and long-term disability insurance .​
If not, have your insurance agent quote you for this essential coverage that will protect you and your family if​ you can no longer work.
Finally, long-term care insurance will cover nursing home or​ other types of​ ongoing residential care .​
Young people often overlook this coverage, thinking that it's only for older people .​
However, head injuries, paralysis and other traumatic injuries often result in​ the need for long-term residential care.

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