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Insurance is seen by too many as a luxury or a needless expense, it isn’t. Depending on the expert, recommendations for liquid savings run from 3 to 12 months. The question becomes not only how much do you have saved currently, but what are the consequences if something unexpected happens?

Depending on your location, the size of your family and your financial obligations, accumulating enough liquid assets to cover 12 months of living expenses can feel overwhelming. The right insurance product may protect you from financial ruin, without being an undue burden. Insurance may represent a critical, and highly undervalued part of your financial plan.

When you hear the word insurance, what types of insurance come to mind? While there is a product available for nearly every situation, the team at W & W will help you determine what, if any, insurance options are the best fit for you personally. By assessing both your risks and obligations, we can guide you to the right balance between protection and needless coverage.

Types of Insurance

Life Insurance
Probably one of the most well-known insurance products is life insurance. Life insurance can not only allow you to leave a legacy gift to an important philanthropic cause, it can ensure your family’s ability to sustain long-term without the benefit of your income. Life insurance can also be used as a vehicle to accumulate money for use during your lifetime.

The two basic types of life insurance are term life and permanent (cash value) life. Term life provides coverage for a specified period of time, while permanent insurance provides protection for your entire life. Permanent life insurance can be further broken down into several types including whole life, variable life and variable universal life. The team at W & W can help match you to the right product, the correct structure and the appropriate beneficiary setup, giving both you and your loved ones peace of mind.

Disability Insurance
The threat of a major disability or illness poses one of the most significant risks to your income and quality of life. A serious illness such as cancer or a significant injury, can eliminate your ability to earn for an extended period, or even permanently. If you had to stop working today, how long could you meet your expenses? Could your child still attend college? Could you continue to support an elderly parent in need? Disability insurance policies pay a benefit that replaces part of your earned income – usually 50 to 70 percent – when you cannot work. Many employers provide short-term and long-term disability insurance. The professionals at W & W can evaluate the shortfall between your living expenses and your income sources during a disability and help ensure your family will be impacted as little as possible.

Long-term care insurance
Your chances of requiring long-term care increase as you get older. Today’s medical advances can significantly extend your expected lifespan. Will you have the financial resources to fund a prolonged nursing home stay for yourself or a loved one? Long-term care insurance pays a selected dollar amount per day (for a set period) for long-term care expenses. Typically these policies provide funds whether that care is provided in your home, an assisted living facility, adult day-care center, hospice care or a nursing home.

Business Insurance
No matter how careful you are in running your business, accidents happen. If you are a business owner, you need to plan for these and other risks. Insurance coverage you may want to consider includes: property and casualty insurance, liability insurance and group health, life and disability insurance coverage for your employees. These insurances can be purchased separately, or sometimes as a package. In addition you may also use insurance to protect your business against the loss of a key employee or to transfer a business interest in the event of your death or disability.

Common Questions

  • What types of life insurance can I choose from?
    Understanding the difference in life insurance products is key to choosing the correct option for your needs. Whole life policies offer premiums that don’t rise. Part of their appeal is that they build cash value that you can borrow against. W & W can help you determine which type is the best fit.
  • How much life insurance should I consider?
    People typically request a benefit that is large enough to meet the needs of loved ones that depend on their income to survive. A good starting estimate is to add up your long-term financial obligations and then subtract your assets. The deficit between these figures can offer