Other insurance:

Life Insurance

There are two basic types of life insurance available on the market today, Term Life Insurance and Permanent Insurance. To determine which one is for you may depend on how long you need the coverage. If you have a temporary protection need, Term Life Insurance may be appropriate. If you expect to need life insurance for a longer duration, even for your lifetime, then Permanent Life Insurance should be considered.

What is Life Insurance

Life insurance is a financial resource for your loved ones in the event of your death. You enter into a contract with an insurance company, which promises to provide your beneficiary(ies) with a certain amount of money upon your death. In return, you make periodic payments, known as premiums. The amount of the premiums generally depends on factors such as your age, gender, occupation, medical history and whether you intend to build up cash value in your policy. Some policies may require a medical exam.

Certain types of life insurance may also provide benefits for you and your family while you're still living. Such policies accumulate cash value on a tax-deferred basis that can be used for future needs such as supplementing your retirement income or helping provide for a child's education.

Long Term Care

Research shows nearly half of all Americans will need long-term care at some point in their lives, and one in five Americans over the age of 50 is at a high risk of needing long-term care in the next 12 months. One thing is certain - long-term care is very expensive. Unlike traditional medical care, which seeks to rehabilitate or correct certain medical ills, long-term care aims to help people with chronic conditions which limits their ability to function independently.

WRG can help you better understand your options, how coverage works, and where you can get a policy that best meets your needs and budget.

Why do I need Long Term Care?

With the average American Baby Boomer reaching retirement, Long-Term Care insurance quotes & term insurance policies should be on the minds of many people today. Long Term Care Insurance protects you, as well as your loved ones in the advent that extended care is needed during your life.

The need for long term care arises when an individual requires from someone else, assistance with medical care, daily activities, comfort, supervision or advice. When a person requires someone else to help him with his physical or emotional needs over an extended period of time, this is long-term care. This help may be required for many of the activities or needs that healthy, active people take for granted and may include activities such as walking, bathing, doing laundry and paying bills.

The need for long-term care help might be due to a terminal condition, disability, illness, injury or the infirmity of old age. Estimates by experts are that at least 60% of all individuals will need extended help in one or more of the areas above during their lifetime. The need for long-term care may only last for a few weeks or months or it may go on for years. It all depends on the underlying reasons for needing care.

Annuities

An annuity can be a key component of your overall retirement savings plan. Annuities enable you to save money on a tax deferred basis, so all of your money can work for you now. No taxes are due until you begin to withdraw your money which can be years later. With annuities, there is more left which may grow for you.

What is an Annuity?

An annuity can be a key component of your overall retirement savings plan. Annuities enable you to save money on a tax deferred basis, so all of your money can work for you now. No taxes are due until you begin to withdraw your money which can be years later.

The future income can be received either as a lump sum or as a guaranteed stream of income over a predetermined period of time. Guaranteed income can be received by the annuitant (i.e., the person whose life the annuity contract is purchased on) over a fixed number of years or for the annuitant's entire lifetime. Until the income is distributed, all interest which accumulates within the annuity contract is tax-deferred.

There are two primary types of annuities. One is a deferred annuity, a type of long-term personal retirement account, which allows you to save and invest on a tax-deferred basis with an option to receive a stream of income at a later date. The other is an immediate annuity, which provides regular income payments right away or within a short time afterward.

Keep in mind that deferred annuities are long-term vehicles. Withdrawals of earnings from a deferred annuity may be subject to contract withdrawal charges. Because deferred annuities are designed specifically for retirement, withdrawals made before age 59 ½ are generally subject to a 10% tax penalty.

Disability:

What would happen if your paychecks suddenly stopped because you were too sick or injured to work? What if you couldn't work for months - or years? You'd still have to pay all your monthly bills, including food, utilities, house and car payments. Disability insurance can replace a portion of your income when you are unable to work because of injury or illness.

Unfortunately, you can't rely on other income sources like Social Security to protect you. In many cases, they don't apply -- or aren't enough. WRG has flexible Disability Income Insurance policies that provide monthly income to help maintain your standard of living.

More about Disability Insurance?

There are two major types of disability coverage:

Short-Term Disability:

Short term disability provides an income for the early part of a disability. A policy may pay benefits for two weeks up to two years. Short-term disability is often included as part of an employee benefits package.

Long-Term Disability:

Long term disability helps replace income for an extended period of time, usually ending after five years or when the disabled person turns 65. Some people have long term disability insurance provided by their employers; others purchase it individually. There are two major types of individual long-term disability insurance: non cancelable and guaranteed renewable. In the case of non-cancelable or guaranteed renewable policies, the insurer cannot cancel or refuse to renew the policy as long as the required premiums are paid on time.

The key difference between the two major types of policies is that under a non-cancelable contract, you have extra security that premiums can never be raised above those shown in the policy as long as the required premiums are paid. With a guaranteed renewable policy, the premiums can be raised, but only if the change affects an entire class of policyholders. For this reason, initial premiums for guaranteed renewable policies can be less expensive than non-cancelable policies.