As you and your spouse begin building yout life together, there are a few things to consider when combining your finances and planning for the future.
Buying a home and saving for retirement are often included in short- and long-term plans, but the decades in between can be unpredictable.
That’s why it’s important for newlyweds to create a plan that evolves with them over time.
The idea of saving for large purchases, like buying a home, can be daunting, as can the thought of paying down student loan debt or preparing for the cost of having children. It’s important to make sure you have the right protection in place to support your new family. Talk to one of our advisors today to learn about the many products available to keep your most prescious asset – your family – covered in times of trouble.
An expanding family means new financial responsibilities. As a parent, there are a few financial details you must consider – the first of which is protecting your income in the event that something tragic happens. Some companies offer coverage as a benefit to their employees, yet, even so, you may not have the full coverage needed to maintain your lifestyle.
A top priority for any growing family is protecting the future of those you love.
Childcare, groceries, diapers, and mortgage payments can significantly increase overhead costs, which makes creating a savings plan for unexpected crises crucial. Prioritizing savings and insurance coverage for the future ensures that you’re prepared for planned expenses, like putting your kids through college. Learn more about options for protecting your family and building your savings while balancing your budget.
Everyone has different goals for retirement, but the most common is to have a reliable income so that you can live the life you want when you’re no longer working. Ensuring that you have a consistent source of income will allow you to maintain your lifestyle in the future. So, it’s important to build a portfolio that will generate what you need later in life.
In retirement, you must plan for health-related expenses as well as having the income to provide you with freedom and stability.
There are solutions you can put in place that will cover the cost of health-related events and protect you and your loved one’s lifestyle. It’s never too early to put a plan in place. Whether planning for retirement or passing assets to the ones you love, reach out to one of WRS’ qualified advisors.
Protect your short-term needs with a path for more permanent coverage.
If you’re looking for a simple entry point into life insurance, this may be the best way to go. Term life is exactly what it sounds like: protection for a set period of time (10 to 20 years). It’s provides coverage while not accruing cash value and can be upgradeed to a more permanent solution later on, if needed.
Lifetime protection that also builds cash value.
If you’re looking for a policy that’s guaranteed to grow and guaranteed to be there when you need it, this is it. Whole life policies build cash value that you can access at any time, for any reason, tax deferred. Premiums can be paid monthly, quarterly or yearly.
Long-term protection with flexible premiums.
If you’re looking for something that will give flexible, long-term protection, universal life is a smart way to go. Universal life is a solution that gives you the ability to adjust your premiums and benefits when needed. These benefits accrue tax defered and in some cases, cash value growth can be used for flexibility to pay on premiums.
Private student loan balances, which are more like traditional loans, must be paid if the student passes away prior to the balance being paid in full. These types of loans typically require a co-signer, who becomes liable for paying off the debt when a student or former student passes. Life insurance can help to protect parents and loved ones from heavy financial tolls after a tragedy.
As home values continue to rise, it’s easy to see why mortgages tend to be one of the largest investments families make. Mortgage payments can be locked in for 30 years or more, and many couples need both partners’ incomes to pay for this expense. Life insurance coverage can help to cover your family in the event you or your partner pass away unexpectedly.
The average funeral costs between $7,000 and $9,000, which includes viewing and burial, basic service fees, transporting remains to a funeral home, a casket, embalming and other preparation. And, the average cost of a funeral with cremation is $6,000 to $7,000. Life insurance ensures that your funeral expenses are fully covered so your family won’t have to worry.
The USDA estimates that it costs $250,000 over the course of 18 years to raise a child, but amounts can certainly vary. Life insurance coverage ensures that your dependents are financially supported should you pass away unexpectedly. Money can be used for day-to-day living expenses – like diapers, toys and food – and larger bills, too – like childcare, health insurance and mortgage payments.
8286 South Avenue Building A | Boardman, Ohio 44512 | Phone: 330-953-3722
Independent Agency/Agent of:
