Preparing for the Unexpected

Nobody plans to get sick, have an accident, or pass away suddenly. But a few small steps now can make a big difference for the people who depend on you.

1. Know what coverage you have. Make a list of your life, health, and other insurance policies, with the company name and policy number. Check that your beneficiaries are still the people you want.

2. Keep an emergency fund. Even a small cushion set aside for surprises can help you avoid high-interest debt when something unexpected happens.

3. Organize important documents. Keep your will, policies, account information, and ID documents together in one safe place, and tell someone you trust where it is.

4. Name someone to speak for you. If you were unable to make decisions, who would? Many people talk with an attorney about documents such as a power of attorney or a health care directive.

5. Write down your wishes. Burial or cremation, a service or no service, favorite songs or readings. Writing it down takes the guesswork off your family.

6. Review once a year. Life changes. A quick yearly review keeps everything current.

You don’t have to do all of this in one afternoon. Start with one step this week. The free Gavrel Family Planning Kit walks you through each of these in plain language.

This article is for general educational purposes only and is not tax, legal, or investment advice. Product features and availability vary by carrier and state.