How Can you Protect your Family from Financial Emergencies?

Friday, April 10, 2015, 6:00 AM | Leave Comment

Life that can throw us curveballs from time to time. It is how we deal with these curveballs that often determines whether we succeed or fail. When it comes to the financial security of yourself and your family, you need to make this your top priority.

While you will never be able to predict the future, it is possible for you to set up your finances in such a way that protects your family financially.

If you are the sole breadwinner in your family, it is critical that you take it upon yourself to make sure that those you leave behind are taken care of if you are to die suddenly.

While this is not a pleasant thought, it is something that must be prepared for nonetheless.

Here are some tips to protect your family from financial ruin.

  1. Create an emergency fund

    While things are going good for you financially, open a bank account and put money into it every week. Have your spouse do the same thing.

    The money you both put into this account will be your emergency fund that you will only use is you absolutely need to.

    This will give you a cushion if you are suddenly forced to pay a major expense like a car repair or a medical bill that is not covered by your insurance.

  2. Mortgage life insurance

    Buying mortgage life insurance is a responsible thing to do if you have a family and you are living in a home that you still owe a large amount of money on.

    Mortgage life insurance is a way for a person to enable their mortgage to be paid if he or she dies. In the event that the person holding the policy dies, the remaining sum of the mortgage will be paid by the insurance provider.

    Therefore, the surviving family members will not be in jeopardy of losing their home because of the death of the sole or primary breadwinner in the family.

  3. Get health insurance

    Injuries and illness can happen at any moment, even to people who are young, strong and healthy. If you or someone in your family requires a major medical procedure and you are uninsured, it could very easily devastate you financially.

    While you may believe that paying for health insurance is throwing money away, going without it is irresponsible.

    You are basically gambling with the financial future of your entire family.

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