Thinking of your eventual mortality isn’t a happy ordeal, but it’s a necessary one to ensure your care and comfort later in life, as well as taking care of your loved ones after you’re gone. When you are living with a disability, it is even more important to make sure you are provided with the appropriate care. According to the Council for Disability Awareness, most Americans live paycheck to paycheck, meaning there is little or no money left for unexpected emergencies like an injury or illness. A recent report released by the National Disability Institute found that 12 to 19 percent of Americans with disabilities are far more likely to live in or near poverty than other Americans, and are more likely to say it’s “very difficult to cover monthly expenses.”

So, what can you do now to prepare for later? Have a plan.

Photo by Anthony Metcalfe on Unsplash

The importance of planning

Financial planning for your elder years and beyond may seem overwhelming and mundane, and you don’t really know where to start. The first step toward any planning approach is to identify and prioritize your goals. Have a vision of your family or loved ones in mind today and when you’re gone. What do you want for them? What do you want for yourself?

Invest in insurance

One of the greatest gifts you can give your loved ones is making your funeral arrangements in advance. This takes the stress off the shoulders of your grieving loved ones after you pass, and ensures your wishes are followed through. 

One common concern for people living with disabilities is getting insurance. Life insurance and disability insurance are particular concerns. Fortunately, having a disability doesn’t automatically prevent you from obtaining these types of coverage. In addition to regular life insurance, you may want to consider burial insurance, a type of funeral expense life insurance policy designed to cover the cost of your funeral (funeral costs average between $7,000 and $10,000) or cremation expenses when you die. 

After your death, burial life insurance pays the death benefit of your policy directly to your beneficiary, who can use the money in any manner, including for outstanding medical bills and legal costs. When deciding on how much coverage you will need, it’s important to take into consideration what kind of funeral and burial arrangements you want, and if you want any additional funds to cover any other debts you may have.

Build your financial accounts

People living with disabilities often accrue higher living expenses. For example, if you need to remodel your home for your disability, this work can cost tens of thousands. So, it is crucial for people with disabilities to have the skills that help them manage their finances so they can live fulfilling lives and ensure their loved ones aren’t stuck with a financial burden. Reducing debt, setting up an emergency fund, being properly insured, and investing in a retirement account are all ways to plan for your future. 

If you don’t know where to start with these important action items, you can talk to your bank’s financial advisor, which is usually free to clients. Knowledgeable with certain information and resources about the benefits and tools available to you, any financial planner can help families planning for the future get started on the right path toward financial security.

Being prepared and having an end-of-life plan that carries out your wishes for your care, your estate, and your funeral arrangements is an important task in anyone’s life. Living with a disability adds to the challenge, but it doesn’t make it impossible. Taking control and planning for your future now secures your comfort and care when it will matter the most. Of all the things you can do for the people you love, having your final arrangements made and ensuring costs are covered is one of the best things you can do for them and yourself. 

This informative post was contributed to Leisure Freak by Ed Carter –

Ed Carter has worked with clients of all ages, backgrounds and incomes. About 10 years into his career, he saw a need for financial planners who specialize in helping individuals and families living with disabilities.