Preparing for the Unexpected
A few months ago, we decided to invest in a new commuter car. Hubby commutes around 45 minutes one way to work and when I work, it’s about a 25 minute drive. We were spending so much on gas it was ridiculous, so we opted for a small, 2 seater hybrid car. It’s much like the car my hubby drove all through high school, only much newer. When we got our car, we knew that we would have to insure it. Even though we don’t know that we will ever get in a wreck, have it stolen or broken into, we got insurance. Realistically, we have to expect the unexpected and be prepared for it.
5 years ago, we bought our house. Like our vehicle, we knew we had to insure it, it was a requirement. I like the peace of mind knowing if we were to lose our home in a fire that we would have the finances to be able to buy another house and replace some of our belongings.
Although home and auto insurance are usually required in many circumstances, insurances like life and long term are not required. If you are willing to pay to insure your vehicle or home, why not your health and your life? In all honesty, before this week, I wasn’t 100% sure what long term care insurance was. After doing a bit of research, I firmly believe it’s something that everyone should have.
Long Term Care Insurance protects you in the event that you need to be taken care of. Let’s say that you have to go live in an assisted living home and are unable to live on your own. Do you know how you would pay for that? Would your retirement funds be drained or would the burden fall on a loved one? With long term care insurance, you would have financial help in situations like this. Genworth offers Long Term Care Insurance that is affordable and can give you peace of mind for the future.
Financial burdens for those that don’t have long term care are real and it can affect you emotionally as well when you have to come up with money to pay for it. The article Expense and Emotions in Preparing for Long-Term Care is an article that dives into a real life situation and discusses how finances and emotion can go hand in hand.
Have you heard of Long Term Care Insurance and would you consider getting it to prepare you for the unexpected?