Integrated Family Community Services 3370 South Irving Street, Englewood, CO 80110-1816 Ph: 303-789-0501

What to Do If You’re Hurt But Have No Money

Our day to day life keeps getting more intense and involving with the many developments and activities that come with work and family. Sometimes you may even lose your bearing and not know how exactly to balance between them. This is why you can’t afford to compromise on the safety of your life and your loved ones.

Consequently, the best way to ensure your life is protected from danger is through insurance. Unfortunately, there are so many myths and misunderstandings that may discourage you from taking insurance coverage, and that is why it is essential to know what action to take in case you’re in a fix, but have no funds for it.

Life Comes Before Money

If you were in impending danger, what option would you take? Unfortunately, it is impossible to know when you might experience an accident and that is why you will need insurance cover. Allan Ziffra explains, “if you have no insurance, a common injury such as a car accident can set you back heavily.” Besides, it would be absurd to merely ignore your life over money no matter what the case is. In addition, you may find yourself shying away from insurance maybe because you would rather use that money to make more money rather than spend it on something you might not see the results of. Here are some of the reasons that may convince you otherwise:

Protecting your loved ones – The main reason why life insurance shouldn’t get overlooked is that it will always have a significant role in helping your family, especially when you’re not around to play the part. Most importantly, parents with younger kids and also for those that no longer have a beneficial contact to their ways of income will need it more than others. Not to forget, there are also several services that are required to maintain your family’s basic needs such as shelter, clothing, food, healthcare, and education.

To pay off debts – The moment you spent your first hard-earned dollar, that was the moment you contributed to the economy. With our current society, it is almost impossible to avoid financial loans. There are just too many things in our culture that require going into some amount of debt that it’s inescapable. In any case, you wouldn’t want to put your family in a situation where they’ll have to figure out how to pay a debt that could quickly be settled by your insurance. Desperate times will always call for desperate measures and unfortunately, they may be inevitable sometimes.

To achieve your retirement plans – In life, all good things eventually come to an end. Similarly, it is smart to have insurance that will cover you during your retirement. Setting up a proper retirement fund takes hard work and effort, but it is worth it. By saving money and setting it aside for your future when you can’t work, you are investing in yourself. If tragedy struck and for some reason all of your money you were going to retire with gets taken by medical bills, a new mortgage or something else, you would have nothing to retire with, and as such, couldn’t retire.

Put your mind at peace – One fact that is certain about life is that it will happen the way that it does, and there’s very little we can do about it. Therefore, it would be unfortunate if you just hoped that things would work out and that was all. Hoping that something doesn’t go wrong isn’t an effective or safe way to live. On the other hand, Pamela Yellen reinforces, “insurance is a better option that can provide a way out of these life troubles.”

How You Can Afford Insurance

You may have wondered at one time or another how to pay for insurance. Statistically, the United States Department of Health and Human Services claims that the elderly aged 65 years and above accumulate a cost of about $138,000 in total for their long-term care. And with the average age of life rising, more and more seniors are living in our societies. This means that more seniors will need care now and in the future. Here are some of the critical aspects to look at so you can actually afford trustworthy insurance:

A Long-standing insurance policy is key – You will come across experts and advisors that will tell you to hold off on taking action until you start to earn a relatively high salary but, it is actually wiser to begin when you are younger. By the time your retirement begins to ring a bell, you would have already covered much more on your insurance than you could have when off your salary.

Get a savings account on your health – As long as you’re working today, you can organize yourself to contribute some funds to a health savings account. By doing this annually, you will find yourself able to cover some critical health expenses. Another benefit of doing this is this money isn’t taxable, and will generate interest over time.

You can use your personal savingsYou can never be too sure when you will need lasting care. As a result, it is only reasonable to prepare for important necessities in life. With a little sacrifice, it is possible to meet these needs and get rid of unnecessary worry.

How You Can Deal With the Debt

Earning money comes from hard work, but unfortunately, there is only so much you can do with the money you make. As such you may have to go into debts. Debts are quite discouraging and seem to pull you back even when you want to move forward. Due to this, it’s essential to have a clear way of dealing with debt to only let your insurance cover you when you’re not around. The following are means you can pay off your debt now:

Come up with a budgetMiriam Caldwell recommends, “It is critical to set aside a budget that will plainly distinguish your expenses from what your income. This way, you will know how much it is that you can spare, and this amount can be used to pay off any imminent debts.” In any case, the more you pay for what you owe, the less the debt will grow.

Cut down on unnecessary costs – There are several times where you need to try to fight the urge to spend money on things that you can probably do without. If you spend too much on a daily basis, then it is vital to getting a bank statement, assessing every cost and alternating your expenditure by giving urgency to that which needs priority.

Clear your credit card debt – Credit cards can be deceiving, and that is why when you decide to get one, you need to have discipline and responsibility. To be on the safe side, it is vital to make sure you clear your credit card debt whenever you can so that it doesn’t accrue dangerous amounts of interest.

Better Ways to Save

If you had to plan for your wedding or even a vacation to your dream destination, what action would you take? You can take those same principles and apply them to yourself later in life! Believe it or not, saving is a more efficient and reliable way to always ensure you can execute your future plans without anything stopping you. Just like the good things in life, saving comes with a lot of sacrifice, self-control, and most important, it takes time. Moreover, saving is just like any habit. Once you make it custom to yourself, it will only be a matter of time before you can enjoy the benefits of your hard work.

Your life is more important than anything else. Therefore, insurance is not there to make you feel like you’re wasting your money, but rather to provide a help plan that will benefit you, your family or both when you need it most. When you have money, pay the premiums for the insurance coverage so that when you’re hurt, you can receive medical treatment when you have no money left.

If you need help and are looking for financial options, make sure to read about our senior programs, financial assistance programs or more!

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Integrated Family Community Services is a 501(c)(3) non-profit organization.

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