Some of us love to have every detail imaginable covered. Whether we’re planning a party or preparing to make a big purchase, none of this comes without a little research and planning first. Well, the same goes for major life events. How many of us can actually say that we are prepared for anything that life can throw our way? Not many I assume. That’s why it’s important to get a jump start on planning for the unexpected now.
You may be thinking, “How can anyone plan for the unexpected? It’s called the unexpected for a reason.” Well, Premier Financial Alliance reviews a few ways you and your family can plan for anything that can come your way in the future.
The first recommendation that Premier Financial Alliance offers is to get life insurance. Unexpected emergencies don’t just mean your car breaks down or you find out you’re having a baby. An unexpected life emergency could the sudden loss of income from your family’s chief provider. If you have children or a dependent spouse, life insurance is an essential, not a luxury as it will help pay any extra costs that can occur upon the time of death such as funeral expenses, as well as provide for your family’s future needs.
Another useful consideration that you should have on your checklist when preparing your family for unexpected life events is an emergency fund. Any financial advisor, strategist, and even your own parents will tell you the importance of having money set aside in the event of an emergency. Often referred to as a “rainy day” fund, this emergency fund is money that you set aside in a separate account that can help you when you need it most. If you believe you have the discipline to do it yourself, you can manually withdrawal a certain amount of money from your check and deposit it into a separate account. However, if your job allows you to, you can have a certain amount of money automatically deducted from your paycheck and placed into a separate account. Be sure not to touch this money unless you truly need it.
Finally, Premier Financial Alliance also recommends you have adequate insurance coverage in addition to life insurance. This includes health insurance, home or renter’s insurance, and more. These different types of insurance can help with the expenses of replacing lost homes, cars, furniture from natural disasters or the cost of medical treatment if you are injured in an accident.