10 Services You May Want to Look for Before You Need It
10 Services: Life can throw you a number of curveballs at any moment. If not prepared, you may find yourself scrambling to find money and services to weather the storm. However, being a bit more proactive is beneficial.
According to a recent Bankrate study, “More than one-third of households, 34 percent, endured a major unexpected expense over the past year.” The study also found that a $1,000 unexpected expense could be devastating.
Are you ready for the unexpected? Do you have the money or the services on hand when it counts? Here are 10 services you should have at the ready before you need it.
1. Homeowners Insurance
Homeowners insurance is a must. It can be your saving grace after a disaster or theft. Home insurance is also a valuable asset for accidents in your home.
“The protections offered by a homeowners insurance policy may serve as a safety net if the unexpected occurs,” according to Allstate. As soon as you buy a home, your first call should be for homeowners insurance. You just never know what can happen.
2. 401(k) Retirement Plan
You have most likely heard about a 401(k), but do you have one? Employers often offer this type of retirement investment, and they will match the amount you choose to invest.
Most 401(k) plans are flexible with fee visibility and investment limits indexed to inflation. A 401(k) can also be vital to a comfortable retirement.
Did you know half of American have no retirement savings? It is essential to get a 401(k) or some other form of savings ready before you need it.
On the topic of savings, do you have an emergency fund? Most people don’t, and this could cause serious problems when unexpected expenses pop up. Having money set aside for an emergency is a self-service to have in place before you need it.
For example, if you lose your job, how long can you survive before you get a new one? Or if a major health issue arises, how will you pay for it.
“Typically, it’s recommended to have a stash equivalent to 3 to 6 months of salary,” explained Simon Moore, Chief Investment Officer at Moola. “This money should be accessible, but not so accessible that you fritter it away on day-to-day expenses.”
4. A Life Insurance Policy
Life insurance is definitely a must if you have a family that depends on you. Unlike other insurance policies, it ensures life, rather than possessions. The money from a life insurance policy can be valuable in the event of a death.
Some life insurance policies can also give you a surge of cash once you reach an age when you don’t earn as much, or become retired.
5. Attorney At Law
Accidents, death settlements, personal injury lawsuits, and a variety of other legal issues will eventually come up in a person’s life. Having an attorney you trust beforehand makes these legal issues easier to manage.
“Trust your case to a lawyer who can craft and execute the best legal strategy for your unique case,” JR Reyna, a personal injury attorney explained.
Having an attorney is definitely a service you want in your pocket before you need it. The last thing you want to do is rush to find an attorney after an accident or legal issue arises.
6. Umbilical Cord Blood Bank
This one may seem a bit odd, but it could be a service that literally saves your future son or daughter’s life one day. What is an umbilical cord blood bank? This is a service that will take your baby’s umbilical cord immediately after birth and store it.
According to the American Pregnancy Association, “The transformation of these cells provides doctors with a way to treat leukaemia and some inherited health disorders.”
Umbilical cord blood can be used to treat a number of diseases, like Leukemia. This is a service many parents to be may be considering, and it is definitely a service you want before you need it.
7. Offshore Bank Account
As the financial woes of many countries continue, it may be time to start looking at offshore bank accounts. These types of savings accounts offer plenty of benefits, especially for those who make international investments.
One of the most appealing aspects of offshore accounts is security. No matter what happens to your country’s banking system, your funds will be safe and secure. Another benefit is saving money on deposits and investments.
8. Business Line of Credit
If you own a business, especially a small business, you should have a business line of credit in place. It is also best to have a line of credit ready if something unexpected hits your business.
“With a business line of credit, you can borrow up to a certain limit — say, $100,000 — and pay interest only on the portion of money that you borrow,” Steve Nicastro of Nerd Wallet explained.
This is a service that allows business owners to get a surge of cash when they need to cover day-to-day expenses or expand.
9. A Health Insurance Plan
Do you know how much a trip to the emergency room costs? According to a National Institute of Health (NIH) study, the cost of an emergency room visit can range between $1,200 to nearly $3,000.
These high costs make getting health insurance before you need it a must. Yes, monthly payments could be high. However, a trip to the emergency room and any long stay at the hospital could cost tens of thousands of dollars.
10. Investment Property
Many people looking to invest their money for a long-term gain are looking to investment properties. This is mainly due to the volatility of the stock market.
Not only will you be securing a future investment gain, you will also be accumulating monthly income from renters. Sometimes renters can literally pay your investment property for you over time.
Are You Ready for the Unexpected?
There are many services you need to have in place before life’s unexpected moments happen. From home theft to automobile accidents, being proactive about your life, health, and assets is essential. Do you have what you need to overcome unforeseen issues?