Let's plan for an event that I hope NEVER happens!
But, what if someone in your family gets sick, possibly sick enough to need surgery, has a long recovery time, and may not be able to work for a while, if ever again. WHAT DO YOU DO? Panic? Run around in circles? I hope not.
If you have your finances in order, have your emergency fund in place and you are not living paycheck to paycheck, you have a good start. That is only the first part though.
Now, if your family has to go down to one income that may be possible if all of those things are in check. You may be in trouble if not. The most important part about this is family and health. If you have a plan, you will not fall apart if a crisis occurs. These events will not give you notice, it will just happen.
The second part of this planning is life insurance, specifically term life insurance, which is pretty cheap if you are healthy. BUT YOU CANNOT BUY IT ONCE A DIAGNOSIS HAS BEEN MADE. Dave Ramsey does not recommend whole life insurance which you may recognize as a "savings" plan. If you do your homework on it, which can take some time, you will see why.
You also need a Will. This document will keep everything organized if death occurs. It tells everyone where you want your stuff to go once you are no longer here. This is an effort to keep down discord in the family.
Don't have these things in order and you hit a "bump" in the road--you may see the wheels roll right out from under you--while cruising along. Don't let that happen to you.
Let's help each other prepare--if you need help, call or email Financial Pacemaker Coaching at 901-399-4241 or firstname.lastname@example.org.
WE'LL PACE YOU ALONG.