What are the real financial emergencies in my life? How prepared am I ?
- If I got laid off tomorrow ( I did get laid off eventually ). Do I have a big enough emergency fund to tide myself over until I can get employed again?
- Not enough is my suspicion, but I am also hoping for a severance package, which is a dangerous game to play, because what happens if my company simply evaporates and has no money left to pay severance? This has happened to friends in the high tech industry.
- If I am in an accident or have a medical episode that incapacitates me, is my family taken care of financially?
- I have disability insurance (short and long term) so I think I am in not too bad shape there, but I think it might put my family in a tight bind if I had a permanently incapacitating medical episode (e.g. stroke).
- What if my wife suddenly was incapacitated what would happen then?
- I would then have to get help at home for my wife and for my young son. That may not be a huge hardship given I do have benefits at work, however, how much is covered, and getting help with my son is a direct cost I would have to pay for.
- If my wife or I pass on what happens?
- We both have a fair amount of life insurance, however, if we both passed on, what would happen to my children? They will have money, but who will take care of them? My will is not up to date, and I think in dire need of re-visitation.
- Am I prepared, if one of my children was incapacitated due to accident or illness?
- I think so, but then again, let’s hope I don’t have to find out.
Do You Have a Plan ?
How is your emergency plans both financially and for your family? Now is the time to start that plan, not after the Emergency transpires.
Such a wonderful topic, you bring the great points. Everyone should think on it and plan for emergencies because no one knows when we stuck an emergencies(or means to drastic situation), so we should always be prepare for this thing and to make sure that in present or future time will spend life without any worry. Thanks for sharing.
Your blog got me thinking, too. These questions are really necessary when you have a family or if you got young kids. You need to ask these questions and know the answers, and then get the necessary insurance if any of your answers is not satisfactory. Sigh. Life isn’t as simple as we thought it is. There are so many things to think about, and so many expenses to take care of…just to make sure we live comfortably and then leave our families comfortable when we die.
I live in Barrie and that section of the 400 between hwy 88 and 89. It’s too bad I didn’t know you were stranded in Barrie, I could have told you how to take the back way to Ottawa. About the time the accident happened I was just leaving Barrie to take my son to college in Lindsay. We went through Orillia and around the north end of Simcoe and the roads were pretty decent.
Congrats to your daughter and her team on the silver!