Life insurance can replace your income and ensure your family’s financial needs are met even after you’re gone. A policy may be necessary to pay off outstanding debts, such as mortgages, student loans, credit card debts, and medical expenses after passing. A good life insurance policy may also offset childcare expenses and provide for your children’s education.

Most people benefit from life insurance when they have financial dependents or significant financial obligations. But that doesn’t mean you don’t need it if you don’t have a family. Ideally, applying for life insurance as a young and healthy individual will allow you to lock in a policy while premiums are lower. We encourage you to speak to an insurance agent before you get married, have kids, or buy a home.

Deciding on a life insurance policy for the first time can feel overwhelming, but you don’t need to do it alone. Our life insurance agents at WFG are here to help. Our licensed insurance agents are well-versed in many aspects of life insurance. They are happy to review the types of life insurance policies and the appropriate coverage amount based on your budget.

Term life insurance and whole life insurance each serve a different purpose. Term life insurance covers a specified term, such as 10, 20, or 30 years and offers higher coverage amounts for a lower premium than whole life insurance. Whole life insurance provides lifelong coverage for as long as premiums are paid. Consider your budget, preferred coverage duration, and investment goals before deciding.

The best time to start saving for retirement is as early as possible. Starting early allows you to contribute smaller amounts each year to reach your retirement goal. On top of that, compounded interest allows you to earn interest not only on your initial investment but also on the interest that accumulates over time.

Yes. WFG’s independent agents are trained financial professionals with expertise in retirement planning. Your agent can work with you to create a personalized retirement plan tailored to your unique financial situation. Agents can help develop a strategy that aligns with your retirement goals, then provide ongoing support, regularly reviewing your retirement trajectory.

The amount you need to save for retirement depends on when you plan to retire and your preferred living standard. Do you plan to travel extensively or downsize your home? You may want to create a list of your expected retirement expenses. Include essential costs such as, housing, healthcare, food, and utilities, as well as estimated expenses for your enjoyment like entertainment and travel. A licensed Athena Financial agent can help you create a comprehensive retirement plan and adjust it as needed over time.

If possible, try to leave this money alone to work for you. Withdrawing from retirement accounts before a certain age may trigger withdrawal penalties. Consider alternative sources of funds before tapping into retirement accounts. Even if you’re changing jobs, rolling over into a new employer’s plan or leaving the funds where they are is often recommended.

Start saving for your child’s education as early as possible. The cost of a college education can be significant, and saving early allows you to take advantage of compound interest over time. If your child is close to entering college and you haven’t saved enough, an Athena Financial agent can help you explore all available options, including scholarships, grants, and student loans.

The cost of a college education is quite variable depending on the type of institution your child will attend and the number of years they’ll need to complete their degree. We’ll factor in inflation and reassess the plan regularly to accommodate your financial situation, and your child’s educational plans.

While education loans can provide a way to cover college expenses when you don’t have enough savings, they are not a one-to-one substitute. Relying solely on loans can lead to a significant debt burden after graduation and put a strain on your financial freedom after college. Furthermore, the interest on education loans can substantially increase the cost of your education overall.

Balancing education savings with other financial priorities like raising a child, retirement, and buying a home is a common concern. Athena agents know how to create a budget that considers your income, expenses, and long-term financial goals. With specific financial targets, it’s easier to plan out how you’ll allocate your spending from month to month.