Here is a summary of some plans and strategy i’m using for general life related insurance and risk hedging.
I have a twenty year old adopted daughter living with me while she originally moved back in with me to finish school but she dropped out and is just working. Unfortunately for her she isn’t able to earn enough to live in this city so I subsidize her housing and food. If something was to happen to me she would have extended family to help her if she needed and she would inherit my assets and be financially ok. My current concern in that scenario is that she wouldn’t know how to manage or maintain investments and loose the benefit of financial independence. I will impart what I can over time but ultimately her choices will be up to her.
I also have two small dogs that come from a past relationship and I love them. They have been by my side for ten years are the most important part of my life so I want to make sure they are safe and healthy. I bought a Nest Protect smoke detector because it has a feature that will notify me if there is a fire. This would at least give me a better chance to rescue them if I was out but nearby.
I’m in the process of also putting together supplies for an earthquake or other emergency. This includes food, water, lights and a bag with warm clothes, and cash that I can grab if I need to leave in a hurry.
It’s always a good idea to maintain and check the coverage details of your property or rental insurance policy.
If you have dependents and don’t have financial independence levels of equity and depend on income that would disappear if you died it’s probably a good idea to look into a life insurance policy. Be sure to shop around because there is a big difference between offerings.
Other than that it’s always a good idea to keep an up to date will or let an emergency contact know your wishes should something happen to you. Now let’s hope nothing bad does happen.