COVID-19 has disrupted life for many people globally. Even the young and healthy are now considering their mortality.
As a parent with young children, I have been forced to confront the fragility of life. The rapid spread of the virus and its consequences have made me realize that none of us are invincible.
Despite the unsettling reality, I have chosen to take a proactive approach. There are practical steps we can take to protect our loved ones. Here are four essential actions worth considering:
1. Prepare your will
Many Americans do not have a will in place, which can lead to complications in asset distribution and child care arrangements. Creating a will ensures that your wishes are followed and can prevent unnecessary delays and taxes. Consider consulting a lawyer or using online resources like LegalZoom to create a will.
2. Create an advanced directive
An advanced directive outlines your medical care preferences in case you are unable to communicate. It includes a living will and a durable power of attorney. You can create this document online or with the help of an attorney to ensure your wishes are respected.
3. Look into life insurance
Life insurance is crucial if your loved ones rely on your income or care. It helps cover expenses like funeral costs and mortgage payments in case of your absence. Policies are more affordable than you might think, so consider getting one that fits your needs and budget.
4. Consider disability insurance
Disability insurance protects your income if you are unable to work due to illness or injury. It is especially important during uncertain times like the current crisis. Research different policies to find one that suits your situation.
Facing these challenging realities may be daunting, but taking action can provide a sense of control and security for you and your family. Consider these steps to safeguard your loved ones and ease your mind during these unpredictable times.
