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Feeling Ostomistic
Monday, October 05 2015

NB: This is a sponsored post

Sometimes in life, things happen that can be unexpected and often out of our control. But if we are prepared and have a contingency plan in place, it can help us to navigate through those difficult times with a bit more ease.

A contingency plan, is a plan that is designed to be implemented during a future event or circumstance. A contingency plan is also sometimes referred to as a back up plan or a risk management plan.

In my life, I have several of these risk management plans that I have shared with those that it most affects, and in each of these plans it explains in detail the steps that need to be taken.

Some contingency plans you might have (or need) in your life may include:

1. A will
This is probably (in my honest opinion) one of THE.MOST.IMPORTANT  risk management plans you can have in place. A will not only explains your wishes for your belongings and assets, but also can be important if you have young children to detail whom you wish to care for them in your absence.

If you have a blog or an online business (digital assests), there is also now an added clause that allows you to explain what is to happen to these when you die. You may wish to have your social media accounts closed, or request to have these left open as a memorial; or in my case I have specific instructions regarding my blog such as the hosting is to be continued to be paid and my site is to be continued to remain active for a resource that my younger sisters or anyone needing a safe place to turn to, can still do so. I even have a blog post (unpublished) and content that is to be updated to my site when I do pass away, so that others know that there won't necessarily be someone to answer any queries directly.

But your will should be updated every 2-5 years, as life happens and circumstances change, it is important that these are reflected in your will.

2. A funeral plan
You might have specific instructions in your will on where you want to be buried or cremated, or how you wish to pay for your funeral, or you might have been super prepared and met with a funeral home and have your funeral already pre-paid and planned out so that when you did pass away your family were able to grieve and be there for each other as opposed to making funeral arrangements.

I know that talking about your funeral wishes can be rather morbid, personal, upsetting and confronting to our family and friends, but it might help you feel at ease when times are tough and you are battling some serious health obstacles that you know your wishes are known.

For me, I know this is something I have done, and it was really hard being only 24, but the reality that I am faced with is one that is uncertain and I know when the going gets tough that this is a plan that might need to be actioned.

I have told my husband (and have it in writing and in my will) that I am to donate my body to science due to my rare disease and progression of said disease so that they can use my body and tumours to study and hopefully I can be part of a cure moving forward. I wish for my remains that aren't needed to be cremated, and for a joyful ceremony to be conducted at the botanical gardens where everyone is to wear bright and happy colours, and where it will be a celebration (a memorial service as you will) rather than a saddened atmosphere.... after all, I am a happy and bubbly person!

Up until I got sick, I had always wanted to be an organ donor. But knowing now that my organs and body parts wouldn't be able to be used by another I decided instead to donate my body to the organisations studying my disease and making a cure.

3. How you will pay your mortgage and bills if you were to lose your job?
When you take out a loan, credit card or mortgage you will be asked if you wish to take up loan protection. A lot of people are reluctant as they see it as an additional expense, and in truth we think that our jobs are secure and we are safe.

The reality is that you can never be too safe or secure in a job, and from my own personal experience it is something I realised was important to have in place.

My husband and I had always had protection on our loans in case we got sick or lost our jobs and was arranged through our loan provider. We had this for one of our car loan. Then in early 2012, I found ourselves applying for a quick fix finance loan for $15k to consolidate a couple of credit cards and a loan I had to take out to pay for my colonoscopy (which was $5k). 

My husband and I thought we were safe in our jobs, he had been working for a national company for 5 years and I working for a bank for the past 18 months. We were on really good incomes and planned to only have this loan for a couple of months so we could pay it in one loan and have a bit more breathing room. Because we only planned on having it temporarily we declined the loan protection.. our interest rate was 40% so we knew it needed to be paid quick smart.

Three days later, I was told my contracted hours were being reduced from 24 to 4 a week due to the bank doing a massive job cull and reshuffle and there wasn't the hours there.... it was okay, I knew we would be fine as we still had my husband's job...

The next day we got a phone call saying his employer had gone into administration and that they were closing in a month.

HOLY CRAP!  We now had $15k of debt that wasn't covered and we had no idea how we could make the repayments at 40% interest... we regretted the decision 4 days earlier to decline that loan protection.

Lesson learnt, never be unprepared again! I have since made sure that our loans, credit cards are covered and that my husband has income protection through his life insurance, which our friends over at Life Insurance Comparison can also help with!

4. What were to happen if you were no longer able to care for yourself and you needed to move into a residential facility or home?
I know we often don't like to think of what will happen when we get older, or what were to happen if we were to become permantly incapacitated, but this is a plan we should certainly talk to our family about and express our wishes while we still can.

While we might want to always stay living our life out in the home we love surrounded by family, this might not always be as easy as we wish. If there is round-the-clock medical care we need this can become rather expensive to organise to happen in your home and it might be easier on ourselves, our family and our carers if we were to live in a residential facility where we had the help and support we need.

It is also important to consider the safety aspect, will this be safer for me as a long term plan? And the finance side of things needs to be discussed to, whether you can afford it or how you plan on paying it. This could be something you incorporate into your retirement plan to accomodate for additional later-in-life medical costs.

5. How will you or your family survive if you became sick and unable to work or if you unexpectedly passed away?
I decided it was best to leave the most important contingency plan for last, which is of course, talking about our life insurance.

We protect our homes in the event of flood/theft or fire, and we protect our cars in the event of a crash, but surprisingly we often don't think about insuring number #1 (ourselves).  I know I thought of insuring my husband before I decided to insure myself, which by the point I enquired I was 19, recently diagnosed with FAP and was told that if I "got to 40 without cancer and had a total colectomy, I could then be insured".

I always assumed that life insurance was only of benefit when we died to help pay for things like our mortgage or help support our families.

But DID YOU KNOW that you can access insurance if you were to become sick or disabled? Well it can! Our friends over at Life Insurance Comparison, helped to explain in a guest post for us how Life insurance can help you while you're alive and when you become ill or disabled. I really reccommend having a read, as I know I (and a lot of my readers) found it rather valuable and learnt something new about the importance of insurance and how it can help them!

This post was sponsored by:

 

Posted by: Talya AT 12:53 am   |  Permalink   |  0 Comments  |  Email
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~  Living with Familial Adenomatous Polyposis - Effects of FAP  ~

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Talya Goding - Feeling Ostomistic   talya@feelingostomistic.com.au  |  0447 426 860

Thank you for stopping by Feeling Ostomistic. It has taken a lot of courage to share my story and I ask that you show me and my site/blog respect and courtesy. Views expressed in this blog are my own and I am not a nurse or a doctor. If you need medical advice please seek your medical practitioner.

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