I just broke up with a boyfriend of a few years and it got me thinking that I want to make sure that I have security for if I were to get seriously ill. My mom was diagnosed with stage 4 breast cancer when she was 48 and my dad died of cancer at 64. I don't have my financial house perfectly in order and am not the most financially savvy person so please be somewhat gentle with me -- I'm trying my best.
I'm a school teacher and I have a pension that will cover about two thirds of my salary once I turn sixty years old. I put $300 per month into a Roth which has $5,500 in it. I have ten thousand dollars in emergency savings. I got disability insurance though I can't figure out how much I got (oops). The state has some automatic disability coverage for teachers, but it looks like it maxes out pretty quickly. I have cancer insurance with various benefits and for some reason I bought a whole life insurance policy through my work with a value of $10,000 a couple of years ago. I rent my home. I have the higher coverage version of my health insurance policy.
The main thing I want is to have the security of knowing I some means of preserving my quality of life if I were to get very ill. Like if I got cancer, I would to be able to continue staying in my home and have the financial means to have someone help me come walk my dog or nursing care instead of having to go into a nursing home if I got very sick. I would want security against the reduction in income due to illness and medical expenses. What would be the best way for a single person to build a safety net for this kind of situation? I wondered about getting a term life insurance rider on my life insurance policy for a much higher to take out in the event of a serious illness before retirement or putting more money in my Roth or more disability insurance. The cancer insurance also has an optional rider where you can get a large benefit if you are diagnosed. What are the best ways for a youngish (nearing middle age ish) single person to build a safety net to be able to support yourself in the event of the unexpected. I feel very secure in terms of employment but maybe less so in terms of unexpected life events.
Submitted May 30, 2021 at 10:50PM by memilygiraffily https://ift.tt/3uvAFjT
