Are you a single mother facing a major health-related or financial decision? Even if you do not have to deal with one of life’s major turning points, it’s wise to stay ahead of the curve and prepare for every eventuality. That means understanding core concepts like selling a life insurance policy in dire circumstances, setting aside enough cash to cover some or all of your kids’ college expenses, obtaining child-friendly health insurance coverage, and scheduling regular medical checkups for all family members.
How a Viatical Settlement Works
What would you do if you came face-to-face with a serious, life-threatening health issue? Unfortunately, many people do worry about covering the high cost of care, especially when the only financial assets they own are life insurance policies. Fortunately, moms who are forced to deal with an adverse medical issue can sell their policies through a viatical settlement process.
Should you become chronically sick or a doctor says that you are terminally ill, you can work with a viatical settlement broker and turn your life insurance policy into ready cash. In most cases, the amount you receive from a third-party buyer through the broker is greater than the current cash value of the coverage but less than the stated death benefit amount. When the seller of the policy passes away, the third-party buyer receives the full death benefit amount. It’s important to find out how the process works by reviewing a complete guidebook that puts all the details into everyday language, including taxation, application, and other issues related to the settlements.
College Funds
There are dozens of ways to set money aside for college. If you have young children or want to finish college yourself, speak with a tax accountant or financial planner to explore how to deal with expenses associated with higher education. The good news is that there are tax-advantaged ways to save for children’s college costs and other strategies, like student loans and scholarships, for covering your educational expenses should you decide to go back to school.
Child-Friendly Medical Insurance
At least once per year, sit down with your insurance agent and review your family’s health insurance coverage. It’s imperative to stay on top of premiums, co-pays, deductibles, out-of-pocket maximums, and other features of policies. As children grow and as you age, medical needs change significantly. In many situations, your annual cost of health coverage will decrease when you make necessary adjustments to coverage. This is especially true if you decide on higher deductible amounts and different categories of coverage.
Checkups for Moms and Kids
Luckily, medical science has progressed to the point that most major, life-threatening illnesses can be either cured or effectively treated if they’re discovered early enough in their development stage. That means it’s more important than ever for mothers to keep track of their own and their children’s checkup status. Speak with your family doctor to develop a precise schedule for each child and your health care checkups, consultations, and tests. Without getting children in for routine dental and eye exams, don’t let a year go by.
