Protecting yourself and your loved ones from the unexpected is a critical component of wealth management. Without the correct type and amount of coverage, your savings, assets, and goals may be in jeopardy. As part of our wealth management services, we can help you calculate how much insurance you need, evaluate the coverage you already have in place, and then determine what type and amount of any additional insurance may be necessary for you.
Life insurance allows you to provide for the people, business, and/or charity that matter to you most when you pass. It can also help you fulfill any obligations you may leave at your death, such as a mortgage, unpaid child support, or a lump sum for your children’s education.
There are basically two types of life insurance:
Term insurance offers a certain amount of coverage for a certain amount of time. Since is expires at the end of that term, it often is the least expensive insurance option.
Permanent insurance provides coverage for the entirety of your life as long as the premiums are paid. It also allows you to use the policy for savings. These features make it more expensive than term insurance.
Disability income insurance provides income if you are unable to work for an extended period of time due to illness or injury. Unlike employer-sponsored policies, which often cover only a percentage of your income, individual disability policies can move with you from job to job. These policies are usually used to supplement any coverage provided to you by your employer and can also cover things like bonuses and employer matching in a retirement account.
Long Term Care Insurance
Long-term care insurance helps pay for the cost of receiving assistance with daily living, whether in your home, in an assisted-living facility, or at a nursing home.
The national average for a private room in a nursing home is over $90,000 per year, and since Medicare and Medicaid typically do not cover all long-term care expenses, these costs can quickly deplete your assets.
Relying on loved ones to provide care can have an emotional impact on both you and your family, and it can have long-lasting financial affects on your family, as well.
It is critical to understand how long your assets would last in the event that you needed long-term care assistance. If you do not think they will last as long as you would like, long-term care insurance can help you cover the costs of your care, giving you the ability to receive care how and where you want, affording you the independence you value.
An Independent Insurance Advisor in Philadelphia
Katherine Rubin is a licensed insurance producer in Pennsylvania and New York. As an independent producer, Katherine can offer life, disability, and long-term care products from almost any company. This flexibility allows her to give you objective advice on your insurance needs and to find you the best policy for your individual situation.
This flexibility allows her to give you objective advice on your insurance needs and help you understand all the costs associated with the purchase of insurance products. For this service, Katherine is compensated by the insurance company you ultimately choose to provide you with coverage.
Contact Katherine today to learn more about WFS insurance planning services.