Late Pass: Insurance for the Terminally Ill?

Insurance

Insurance (Photo credit: Christopher S. Penn)

This is a guest post.

Uh oh. Not only have you put in decades of loyal service for a company that does not offer a life insurance policy to employees, now you have a terminal disease that has numbered your days. You always meant to get a life insurance policy at some point, but it was just one of those things that there was never enough money left for at the end of a month after bills, groceries and just enough fun to make worthwhile.

Your life is one that needs insuring to protect your family following the now-inevitable, but has that ship sailed? Is it possible to make up for lost time by obtaining a life insurance policy as a terminally ill patient?

You already know that insurance companies are experts at assessing risk. Each potential policy holder is effectively examined to determine their likelihood of living a reasonably long time, and a terminal illness is an obvious negative in this department.

Many insurance companies will be hesitant to offer a comprehensive policy that they know they will have to pay out in fairly short order, but you may be able to get a type of life insurance known as graded premium life insurance.

With graded premium life insurance, you pay a monthly premium to retain coverage. If your illness should terminate within two years, your family will receive all the premiums you have paid as a benefit. Should you last longer, the insurance provider pays the full value of the policy. This is a compromise that gives you the peace of mind that a life insurance policy can provide while allowing the insurance provider to minimize their risk.

These policies typically have cash values ranging from $10,000 to $50,000, so while they might not guarantee the permanent stability of your family, it will offer them much-needed assistance through what is sure to be a difficult time in their lives. Premium amounts vary by age and relative health, but generally the closer you are to qualifying for a payout, the more it costs to enter the lottery.

Life is unpredictable except for its certain end, and sometimes this reality leaves us less prepared for the future as we would like. Fortunately, a terminal illness does not make a person completely uninsurable in most cases. Of course, it is much easier and less expensive to get life insurance as a person who is not dying, so the best strategy may be to invest before your health becomes an issue.

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How to make room for a paying lodger

A car boot sale gets its name from the way goo...
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A spare room in your home is an opportunity to boost your income. Imagine how much extra cash you could make by offering that space to a rent-paying tenant.  You can start getting things ready by creating the necessary space right now. Our guest blogger, Big Yellow Self Storage, shows you how in these five simple steps.

1.   What needs to go? Take a good look around your spare room (and the rest of your home, while you’re at it). Decide what you’re happy to part company with and what you want to find a storage solution for.

2.   Sell, donate or trash. For anything with a monetary value, get selling. Try online auctions, your local classified ads, boot sales(ed. That’s a flea market or swap meet for those in the U.S.) – anything that offers a cheap and quick way to raise cash. Alternatively, give your unwanted but perfectly serviceable items to charity. As a last resort, put them out with the trash or take them to a recycling centre.

3.   Decide what sort of storage solution you need. For those items that you’re not getting rid of, you’ll need some form of storage facility. And, depending on what those items are, this could be a garden shed, a loft, a garage or a unit at a secure, temperature-controlled storage site.

4.   Prepare your items to go into storage. Flat pack self assembly furniture and keep the fixings close by in a small bag. Coat wood and metal with varnish and rust protector respectively. Keep mattresses in bags available at DIY stores. (Change the bag every year). Use a wardrobe to store clothes, shoes, bags and bed linen – its small footprint will give you loads of hanging, stacking and shelving space. Be aware that books can get really heavy. Use lots of small boxes instead of fewer large ones and list their contents on the visible sides.

5.   Get ready to welcome your lodger! All that remains now is to prepare and advertise your spare room – and start earning money!

For further information about storing just about anything and to find out more about storage options, visit Big Yellow for Self Storage.

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