Financial Planning

Financial planning is essential for any household, whether in the service or a civilian. No one knows what tomorrow will bring and what new challenges one will face. Some things can mitigate risk. Term life is relatively inexpensive and can help a family get through the worst part if a parent dies young. Term, as the name implies, is life insurance that pays a death benefit if the person dies within that time frame. Term coverage is best for families with children or when one spouse earns more than the other.

Long-term health care is a benefit that is debated frequently, but sometimes, this benefit can help with costs not covered by Medicare, such as having at-home care. Patients with chronic illnesses who need a CNA regularly can benefit from such a policy.

The last piece is to have a living will and powers of attorney before they are needed. The most challenging thing for a person to be asked is what to do if a family member needs resuscitation. Those documents will ensure the decision is made according to their wishes.