Insurance is essential to any comprehensive financial security plan. If tragic events like death, disability or critical illness strike, insurance can protect you and your family from undue hardship. Some life insurance policies also provide tax-advantaged savings that you can draw on to achieve goals like buying a house or retiring comfortably.
Gruver Wealth Management of Wells Fargo Advisors, can structure a variety of insurance products that can help you meet your financial security planning needs. No matter your personal situation—if you’re single or in a family; a professional or a seasonal employee; an executive or small business owner—we will work together to design a customized plan.
Life Insurance
In the event of death, life insurance offers surviving family members increased financial security. A tax-free lump sum payment can pay for final expenses, debts, as well as an income for the deceased’s dependents. The following are things to consider when discussing life insurance:
- Help ensure your loved ones can maintain their lifestyle
- Create a tax advantaged source of income to supplement other income
- Protect your assets from the significant costs of long-term care
- Provide resources for the next generation
- Maximize the funding of your legacy goals
Gruver Wealth Management of Wells Fargo Advisors can help you select coverage from a variety of life insurance options to meet the needs identified in your investment plan.
Long-Term Care and Disability Insurance
Income is important for both current financial obligations (e.g. grocery bills and mortgage payments) and for future financial security (e.g. planning for your children’s education or for retirement). Just think what might happen if you suddenly lost your income stream through a long-term illness or disability.
Long-term care and disability insurance products help protect your ability to earn an income, which can be affected if you are afflicted by a disability or other condition. Gruver Wealth Management of Wells Fargo Advisors can help choose the long-term care and disability insurance products that provide advantages such as:
- Help maintain your financial independence and lifestyle in the event your income is impacted by disability
- Assist with paying fixed expenses for your business if you become disabled
- Support the buy-out of a disabled partner’s share of a business
How much should I have?
When it comes to the amount of coverage needed to help protect your financial goals, the “right” answer is unique to you. Factors such as your age, who depends on you, and your income and assets, should be carefully reviewed.
It’s important to understand the amount may change over time and when major life events occur, making a regular review is critical.
Next Steps
- Research the costs associated with skilled nursing care, adult day care, and other services.
- Understand your annual expenses to help ensure you have the proper disability and life insurance coverage.
- Evaluate how your needs may change over time.
- Call us to see how insurance can play a role in your retirement planning.
Insurance products are available through non-bank insurance agency affiliates of Wells Fargo & Company and underwritten by non-affiliated insurance companies. Not available in all states. Guarantees are based on the claims-paying ability of the issuing insurance company. This is not, in any way, intended as an invitation to replace your existing coverage. Such an exchange is often not appropriate due to such factors as surrender charges on your existing policy, the surrender charge period on the new policy, transaction costs associated with the exchange, the values of the new policy versus the old policy, and the various fees and expenses associated with the new product. Therefore, replacing an existing policy should only be considered after a careful evaluation of these factors as well as a thorough review of your existing coverage.