- According to the AARP, 60% of Americans lack a will or estate planning.
- Having your final expenses taken care of is a respectful way to keep your legacy “light and free.”
- Investing now is good for starting small as the market is down and stocks are easier to acquire.
If you are anything like me, you feel that a “will” isn’t really necessary at this time in your life. I’m in my late 40’s, single, with no kids and no houseplants (not even a small potted one from Trader Joe’s). However, due to the current state of events SURROUNDING Covid-19, I think it is very important to get one’s “affairs in order.”
In fact, it is slightly urgent that you do. According to the AARP, 60% of Americans lack a will or estate planning. So, what does that mean for someone like me, with minimal personal/family responsibilities? It means a lot. Did you know that upon your death, your family could have the burden of your bills and unmet obligations placed upon them?
According to Victor Nwaba, Financial Advisor at Modern Woodmen of America, “There is a very likely chance that debt collectors would attempt collection from a deceased person’s family member. It’s not very successful, but probable.”
We can even take it a step further and say that having a life insurance policy is a sexy look. Having your final expenses taken care of is a respectful way to keep your legacy “light and free”, “grown and sexy” if you will. And for your friends and family, the mirage of your likeness, the total recall of your memory will NOT be plagued with dollar signs in their thoughts of you. Here is a novice’s guide for under $599 dollars to a Pandemic Bucket List:
- Write a will. You can grab a free format here.
- Grab a life insurance policy– Contrary to popular belief life insurance is something that could help you when you are any age and isn’t just for married people with children. If you are looking to buy property someday, life insurance is seen as an asset.
- Create a document where all your critical information can live and be safe. Delegate someone that you love and trust to access it upon your transition.
- Check rates for health insurance (even if you have some, maybe there are better rates out there). There are good resources here and here.
- What’s your status? Determine what your DNR status is and other medical wishes/ Driver’s license donor status etc.
- Goals you’ve always wanted to accomplish (Don’t forget the fun bucket list items that can be obtained online) such as: Learning a new language, taking an online course, learning how to cook, writing a book, learning to sew, becoming a grill master, at home workouts, building your website, etc.
Victor Nwaba adds, “Now is a great time to start with something small and build that foundation. Protect your insurability for that ‘what if’ that may come up in life. Corona Virus is a ‘what if’ and a life insurance policy helps your insurability as a good back up for health insurance and your other investments.” Investing now is good for starting small as the market is down and stocks are easier to acquire. As they go back up, so will your investment.
Modern Woodman has been around since 1883 and has helped our clients weather the 1918 flu pandemic. You can email Victor for more information on what insurance products are best for you and your family at this time.
As we all navigate this uncertain time and prioritize our finances, health, and what is important, let’s remember that this too shall pass and coming out of this time a little more organized and prepared could be one of the positives during the global pause.