Protect your loved ones
and your wealth
When life goes as planned, having a sound investment strategy in place can help you reach your goals. But what happens when life throws you a curveball? Unexpected life changes can have a devastating impact on your financial future if you aren’t prepared with the proper insurance to protect your loved ones and your wealth.
Insurance isn’t the most exciting topic. In fact, it can be downright boring, but if you’re serious about building financial wealth, or protecting what you’ve already achieved, having the right insurance coverage is just as important as having the right investment strategy.
Life Insurance
Life insurance is for much more than paying for final expenses. While most people are aware of this, and understand the importance of having coverage, many don’t realize just how much coverage you actually need. Life insurance should be purchased based on your role in the family.
Life Insurance for the Primary Wage Earner
If your income is your family’s primary means of financial stability, life insurance is critical for you. In the event of your untimely passing, you should have enough life insurance coverage to not only pay for final expenses, but also to help your family cover expenses you once took care of. For example, some clients take out life insurance policies that would cover the cost of:
Paying off the family home
Providing ongoing income for a period of time after passing
Clearing up outstanding debts
Paying for college
Leaving an inheritance for children
Determining the amount and type of coverage that is appropriate can be difficult. Even though this can be a difficult topic for many individuals, our team will look at your overall financial situation and help you determine an appropriate amount of life insurance coverage.
LIfe Insurance for Supporting Family Members
It’s obvious how important it is for the family’s primary wage earner to have coverage, but people often miss the importance of having coverage for supporting family members. For example, if you or your spouse are a stay at home parent, you should also have life insurance. Even though you may not be contributing financially to the household, your job is taking care of the family and the household. If you weren’t around to do that, the family would have new expenses like daycare, or maybe even a cleaning service that would need to be accounted for. If those types of expenses aren’t a concern, having enough to cover final expenses is always helpful.
Long Term Care Insurance
The good news is that people, in general, are living longer. The bad news is health issues often accompany longer life spans so it is important to plan for how you will manage should you or a loved one need supportive care as you age. While most people plan to live out their days in their home, there is always a chance you or your loved one may need to be admitted to a nursing or rehab facility.
Depending on the state and area you live in, options for long-term care can be scarce, especially if you are relying on government-funded programs like Medicare to cover your expenses. The best way to ensure you and your loved ones get the care you deserve is to have long-term care insurance in place.
Long-term care insurance is a specialized insurance policy designed to help cover the costs associated with long-term care services.
Medicare only covers a limited number of days, and specialized care can be expensive. Long-term care insurance can be an essential financial tool to protect your assets and provide peace of mind for both you and your family. It helps to ensure you can access quality care without depleting their savings and investments or burdening your loved ones with the high costs associated with long-term care services.
Disability Insurance
Much like long-term care, it’s not pleasant to think about, but sometimes an illness or injury can strike, making it impossible for you to work for several weeks, months, or even years. Could you go two or three years without a paycheck? If your answer is anything but ‘YES’, disability insurance is another tool you need to protect your assets. Disability insurance can help replace some of your lost wages if you’re unable to work, allowing you to focus on recovery instead of worrying about depleting your savings, or investment accounts.
Why Choose Wise Financial Services for YOUR INSURANCE NEEDS
Kent Wise has been helping people with their insurance needs since 1986. He can help you look at your overall situation and determine the most appropriate and affordable options to ensure your loved ones get proper care while also protecting the assets you’ve worked hard to build. The ultimate goal with our insurance planning services is to make sure that you and your family can continue to thrive should the unexpected happen.