One of the more recent trends to appear in the age of social media is people opening their hearts and wallets to donate to strangers after they hear a heart-wrenching story on the news.
The occurrence is becoming more and more common… a tragic story is broadcast on the news or on social media involving someone’s death or serious illness and due to the financial hardships of the family, the community sets up a public “go-fund-me” page to ask for donations. Often these donations will provide funding for things such as funeral costs or special medical services or financial assistance for a loved one who needs to take time off work.
What a great concept; large groups of people paying money into a fund that allows an individual access to it during their time of need. Thank goodness for social media otherwise people would never have any way to provide for themselves during their time of grief and vulnerability. Oh, wait! There is another way – and there always has been – it’s called insurance.
What would happen to your family and your family’s finances if there was an illness or a premature death? Would you hope that your situation would be sensational enough to warrant a story on the six o’clock news resulting in an outpouring of emotion and money? Or would you rather plan responsibly for your family and prepare for these situations?
Often an insurance advisor will talk about the many reasons for purchasing a life or critical illness insurance policy. Often the most important reason is to always have money available for the unexpected. Unexpected medical or home care bills or funeral costs can add up.
If you picture your finances as a house, the roof would be your retirement savings; this is what will provide for you in the future. The walls are your income; hence, holding the roof up. But, the foundation should be your personal insurance protection. Without a strong foundation the entire house can come crumbling down or in other words without any insurance in place, your financial security could be jeopardized in the event of a personal catastrophe.
Protect your finances and your family’s lifestyle. You wouldn’t own a home without protecting it with home insurance, neither should you leave your ability to earn an income unprotected in the event of an illness or death.
As a community we are great at being there for others in their time of need, yet we often will not prepare for our own time of need. So the next time you hear of a go-fund-me campaign, you can still be caring and generous but you should also plan to protect your family’s financial well-being. So go-fund-yourself –by purchasing sufficient life and health Insurance.