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Have an emergency fund.  Simple tip but often times we do not put it into action and then it's not there when we need it.  When you think of an emergency fund you probably think about a car breaking down, your heating and air unit going out or something like that.  What about a medical emergency?
Experts estimate that 50% of the population will get cancer in their lifetime.  You may be thinking "my health insurance will pay for my treatments."  Hopefully your health insurance will pay for most of your medical treatments but rarely does a policy pay for 100% of your medical expenses.  However the sad part is that with conventional treatments there will most likely be times you will not feel like working or be able to work. 

If you are self-employed this can be especially hard.  If you don't work, you don't make any money to pay for your regular monthly bills (groceries, rent, house payment, car, utilities, expenses for children).

First, make sure you have a life policy.  Even if it is a $10,000 whole life policy just to pay off final expenses that is better than nothing.  The reason I put this first is because every year you get older the life insurance will be more expensive.  Once a person is diagnosed with an illness like cancer it is extremely hard to get a life policy and the premium will be extremely high.  Get a life policy while you are healthy and before you have another birthday...that is the key.

Next look into a disability policy - especially if you are self employed.  Disability policies vary but normally if you are unable to perform the duties of your occupation you can file a claim on your disability policy.

Last try to save and have a cash emergency fund on hand (or in the bank if you will be tempted to spend it).  You can find some great information on saving for an emergency fund on daveramsey.com.  You can find even better tips for your health and preventing cancer on thetruthaboutcancer.com.

If you don't have a life policy yet please give us a call or another independent insurance agent that you trust.  This is a subject near and dear to my heart so I hope this will motivate someone out there to be prepared.

Posted 12:53 PM

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