How Do I Prepare in Case Something Happens to My Spouse?

If you or your spouse or partner suffers a serious illness or disability, the financial impact can be steep, affecting your financial stability and well-being.  While no one wants to think of the unthinkable, it is prudent to incorporate the unexpected into your financial plan.  From costly prescription drugs and medical services to psychological support, funds deplete quickly. 

A few steps to take now to avoid the financial shock of the unexpected include:  

• Maintain and cash reserves to cover medical and support costs. The goal is to have enough cash to prevent the need to tap into long-term investments.
• Purchase a health care plan that will best meet your needs of an unexpected illness or injury.
• Ensure that you and your spouse or partner understand your finances and the way the household is run.
• Be sure your financial advisor is a fiduciary, not one who sells products.

Learn more about being prepared for the sudden illness or injury of a spouse by meeting with one of our advisors.  We also encourage you to explore 4Rivers resources on planning for unexpected life: