Financial Freedom

Protect Your Financial Future Despite Terminal Illness

This is a sponsored post on behalf of Mason Finance.

When my mom was dying of cancer, she stressed over her finances more than anything else. Then she did find out about being able to use her accelerated death benefit on her life insurance plan. That provided her with the peace of mind for her to be stress-free during her final year of life. Through the years, I have realized the importance of protecting my financial future. Since cancer runs strongly in my family, I’ve learned several tips that will help to protect your financial future despite terminal illness.

When you're dealing with a terminal illness the last thing you need to be worried about is your finances. Follow these tips to ensure you're financially secure.

Tips to Protect Your Financial Future Despite Terminal Illness

Know How Much You Need to Survive Monthly

The first thing one needs to know is how much money they need to survive without having solid income coming in each month. Depending on your insurance coverage, with “an accelerated death benefit advances anywhere from 25-95% of the policy’s face value, usually up to $250k and sometimes up to $1M in face value and depending on the policy and the insured’s life expectancy.”

Be sure to include in your budget all current expenses! You never know when you’ll be handed the “cancer sentence.” I know everyone in my family who has gotten it, received it when they least expected it to happen. Also, add an additional $300-400 for medical expenses at least. Some medicines are still quite costly even with insurance. Not to mention, you’ll have more doctor visits added to your budget. Also, include money for extra fuel and meals out.

NOTE: Even you choose to not select to receive treatment to cure cancer, there are still going to expense just to keep your pain manageable to function.

Get a Will

Making a will is something that should be done already, but most people do tend to put it off. It is going to provide you with peace of mind knowing that your belongings will go to the people you want to have them. This also ensures that you are properly disposed of according to your wishes.

Medical Directives Are in Order

My mom made sure that her caregivers knew exactly what kind of medical care she was to receive during her final year. She made it abundantly clear that she didn’t want any type of life support system used on her.

Preplan Your Funeral

My mom had her entire funeral lined up and paid for prior to her death. She didn’t leave it up to me at all. Of course, she also knew up front that I am dead set against funerals. I went to hers out of respect for her as my mother, but hers is the only one I’ve attended as an adult. I will only attend maybe three other people’s funeral in my life. However, by her doing that it eliminated the need to stress over it.

Remember You Can’t Take It With You

While it’s important to spend your money wisely to ensure you have all you need to survive, it’s equally as important to remember you can’t take it with you when you’re gone. Be sure to savor every moment you have! There are plenty of memory making opportunities that don’t cost money to do.

These tips will help protect your financial future despite terminal illness.

What else would you add to this list?

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