Life insurance isn’t for those who have died — it’s for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. A general rule is that you may want to seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: term and permanent.
Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiaries only if you die within that time period. In a level premium term policy, you pay the same amount of premium from the first day of the policy until the term ends. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.
At age 65 you are eligible for Medicare insurance coverage. Are you aware that Medicare does not pay 100 percent of all medical expenses? Wolf Retirement Navigation LLC provides clients with Medicare Supplemental insurance options with copayments, coinsurance and deductibles to meet your needs and budget. Let us help you navigate your health coverage.
Keep in mind, Medicare and Medicare Supplemental policies do not cover most long-term care expenses, but Wolf Retirement Navigation LLC helps clients find long-term care solutions to reduce the financial impact of excessive long-term care costs.
Please visit Medicare.gov for more education.
The benefits of planning for long-term care include:
Wolf Retirement Navigation LLC offers many solutions for long-term care, including long-term care insurance, life insurance with long-term care benefits and annuities with long-term care benefits or riders. Come visit our office today to learn more about the options available to you.
Schedule a no-obligation “retirement planning stress test” call us today 904-232-8760.
We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.