by Heather Begley
The human spirit is stronger than anything that can happen to it. —C.C. Scott.
Unfortunately, everyone experiences a painful loss at some time and no one is immune. The loss of a spouse. Or a loved one. A job. A love. I lost my mom when I was seven years old. January 15th of this year will be the 27th anniversary of my mom’s death. She was only twenty-six years old when she passed away unexpectedly from a heart condition. It was a tragedy for my family, but like others who have lost a loved one, we have never forgotten her or her love for us and did the best we could to keep going without her.
Such losses are trying and difficult emotionally and often, financially. I have represented families whose lives have been turned upside down not only because of the emotional impact of losing their parent and spouse, but also because they lost their breadwinner. We cannot prepare for the emotional toll that these losses take on us, but there are some steps that can be taken now to reduce the financial stress that may follow a loss.
Evaluate your current life or disability insurance policy. Do you have enough coverage to assist your family through the tragedy of your unexpected death? Consider funeral expenses, college expenses, your mortgage and the number of dependents you have who depend on your income. Also, consider that eligibility for life insurance is not a given. Consider getting a life insurance policy for children or young people because they may not have been diagnosed with any conditions that would jeopardize their ability to be eligible for a policy later in life.
Terrible tragedies happen on our roadways. Life-altering injuries occur. There is a chance that the other driver has an insurance policy with the minimum policy limits set by statute, which in Illinois is $20,000 for bodily injury. It is not unusual for a trip to the emergency room following an accident to exceed this amount of money. If you suffered a brain injury, fractured bones or paralysis, this minimum insurance would not begin to cover your future medical bills. Find out how much coverage you have under your automobile insurance policy. What are the policy limits on your uninsured or underinsured automobile policy? Do you have an umbrella policy? Once you exhaust coverage under the defendant driver’s policy, if the other driver does not have sufficient coverage, you can collect under your own insurance policy.
Life is full of unexpected twists and turns. Unfortunately, I have seen too many cases involving brain injuries and multiple fractures where there is insufficient money available to make the person “whole,” to the extent that is possible. Review your insurance coverage with an expert to find out if you can protect your financial future in the event that a tragedy strikes. Enjoy every minute with your loved ones. We never know what tomorrow will bring. This anonymous quote was shared by a friend on Facebook: “Laugh when you can, apologize when you should, and let go of what you can’t change. Kiss slowly, forgive quickly, play hard, take chances, give everything, and have no regrets. Life is too short to be anything but happy!”
