There is something that I’ve been keeping semi-radio silent since January. No, I’m not pregnant (although that would be a big surprise at 39!), but it is health-related. *Takes a deep breath in* I was diagnosed with thyroid cancer again.
For those who don’t know, I’m huge into manifestation, the law of attraction, and listening to the universe and your intuition. And I knew something wasn’t right when several loved ones close to me were either diagnosed with cancer or had a cancer scare. Every time, something inside me twitched and told me I had it again and needed to take care of it. While everything came back fine on my blood work, I still insisted on an ultrasound. I’m so glad I did, too, because I ended up having four tumors in my lymph nodes.
Thyroid cancer is the slowest-growing cancer, and I am super grateful I’m still at stage one. As imagined, it’s taken a toll on me mentally and physically, but I had a wake-up call a few weeks ago that helped get me out of my slump. People rely on me, and I must be ready immediately for everyone, especially myself. I’ve been taking care of life items I’ve been putting off, like registering my car, looking into different financial tools, and updating my account information. One of the financial tools I’m looking into? Life insurance. Here are a few things I’m considering that you might want to do, too.
An UGMA Account
I’m blessed with several nieces and nephews, but five that I am specifically close to. I’ve watched (and continue to watch) all of them grow into awesome humans, and I’m so grateful that their parents share them with me. So, of course, if something were to happen to me, I would want them taken care of.
Since my estate isn’t huge at the moment (it will be eventually!), I have decided that everyone will be gifted different things. Since two of them are minors, I am looking into UGMA accounts instead of setting up a traditional trust. A Uniform Gifts to Minors Act (UGMA) account is a custodial account overseen by an adult on their behalf since minors can’t legally enter a contract and, in most states, can’t even invest until at least age 21. The UGMA account will allow their guardians to invest on their behalf so that their inheritance can grow and be used as a lovely birthday gift later on (you’re welcome, kids!).
Instant life insurance
Next, I’m looking into instant life insurance. Instant life insurance is when an insurance company offers a customer a policy instantly online without a medical exam by a physician. Naturally, different companies offer different rates based on your current state of health and how risky they deem you as a customer or, in easy-to-understand terms, how likely you are to cash in on your policy. Given my health history, I’m not entirely sure I’ll qualify even though thyroid cancer is known as the “good cancer,” but I’m still looking into it. If you don’t have life insurance, this may be worth looking into for you, too, since the setup is easy and could be added to an already existing policy you already have, like your car insurance.
Whole life insurance
Another tool I’m considering is whole life insurance. This type of life insurance is a permanent policy that will cover me for a lifetime as long as I stay current with my insurance provider and pay my policy on time. This would be left to my soon-to-be husband and best friend, who would most likely help him if something happened to me. Because I don’t plan on kicking the bucket soon anyway, I love that the actual policy has a savings component. My policy will build cash value over time, which I can tap into later on down the line.
How can I do this? One of two ways: I can either sell my policy back to my insurer or take out a loan to help cover a later expense. Depending on the housing market and my health, I may consider taking out a loan to help with a down payment on a house. Homes are insane in Phoenix, AZ, where we currently live and where we are looking to buy, ALTHOUGH homes are the same price as those in California by THE BEACH. I am cursed, however, since my fiance is from Chino Hills and refuses to step foot in Los Angeles traffic again.
Life insurance is a great tool that you can tap into when doing your estate planning. It’s scary, but ensuring your loved ones are cared for is essential. After all, personal finance is personal, and your loved ones come first.
