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A Special Notice to Washington Residents, or those from Oregon or Idaho who work in Washington

Joel Ferris

Joel Ferris

Agency Owner

Direct: (509) 842-4525

Joel-Ferris-Headshot

Life insurance can help protect your loved ones financially in case of your death. If you have a whole life
or universal life insurance policy, you may be able to access accumulated cash value for emergency
funds during your lifetime. Even so, it is a good idea to have an emergency fund in addition to life
insurance. You never know when the unexpected will happen.

What Is an Emergency Fund?

An emergency fund is cash reserves, generally built over time, which are set aside for financial
emergencies or unexpected expenses. Without such a fund, if a financial emergency occurs, you may
have to rely on loans or credit cards or draw on retirement savings to cover the costs. A financial shock
that results in debt can have a longer lasting impact on your overall situation. An emergency fund can
help you keep your head above water in situations such as loss of a job or unexpected medical bills,
home repairs, or auto repairs.

How Can I Build an Emergency Fund?

Start with a strategy to build your emergency savings. It is best to put some money away consistently,
even if your income fluctuates or your ability to save is limited. Establish a system for making regular
contributions, for example by setting up regular transfers from your checking account to a savings account. This allows you to set aside a certain amount every week, month, or payday, so your savings
will continue to grow. If you can afford to do more occasionally, your emergency fund will grow even
faster.

It may be helpful to set a specific goal for the amount of cash you want to save. Based on how much and
how often you are contributing to savings, you can calculate how long it will take to reach your goal.
Remember to monitor your progress on a regular basis. Seeing how much your emergency has grown
can give you encouragement to continue saving.

How Big Should My Emergency Fund Be?

The amount of cash you need in your emergency fund will depend on your financial situation. Look at
the unexpected expenses you have been faced with in the past to get an idea of how large the fund
should be. For example, if your car has broken down in the past, how much did you spend on repairs?
How old is your home and what is the likelihood of unexpected repairs in the future? Even if you can
only afford to set aside a small amount for emergencies every month or every payday, it can help
increase your financial security and peace of mind.

An emergency fund can provide some financial security in case of unexpected expenses. It can help you
meet emergencies without going into debt or depleting your retirement savings. Life insurance helps
protect your family financially in case something unexpected should happen to you. Our experienced
agent can help you find a life insurance policy that fits your budget and meets your needs.

Contact Joel

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Customer Reviews

We found him to be very knowledgeable, personable, and exceptionally responsive.
KT
Kim T,
Spokane, WA

Customer Reviews

I wouldn’t call you a salesman, I would call you a guide.
DB
Don B,
Petersburg, AK

Customer Reviews

Thank you again Joel for all your help.
BF
Becky F,
Powell, WY

Customer Reviews

It has been a pleasure to work with Joel.
CJ
Carolyn J,
Spokane, WA

Customer Reviews

Joel was so helpful-he even arranged a conference call with my carrier…
MM
Meg M,
Spokane, WA

Customer Reviews

We recommended Joel to our class and to our friends.
JD
Jim D,
Post Falls, ID

Below is a link to the state of Washington government website that oversees the state mandated long-term care insurance program known as the Cares Fund. The website provides up-to-date, real time information about how the program is being administered, recommended improvements to the plan from a special oversight taskforce, and the ability to participate in Zoom meetings relating to the Cares Fund and the opportunity to provide comments and suggestions to state legislators and administrators of the program.