Life insurance is protection against the unexpected losses. It serves as a substitute income for survivors in the event of the insureds death. Life insurance can be Term or Whole.
Term Life Insurance
Term life insurance is the cheapest type of life insurance that pays out a sum on the death of the insured but has a term when it usually expires, starts an increase in premium, or gets converted to whole life.
Whole life is permanent life. Whole life does not expire as long as payments are made and it usually has cash value. Whole life cost more than term life but the cost does not increase over time.
Final expense is Burial expense. Such policy helps ease paying for funeral services on the family when the insured dies.
Medicare supplements also known as Medigap, are private health insurance plans that supplement original Medicare. They help pay some of the costs that original Medicare does not pay.
Long-Term Care Insurance provides nursing-home care, home-health care, or adult day care for individuals with chronic conditions or disabilities that requires constant supervision. It offers more options than public assistant programs.
Fixed annuities are insurance contracts where the insurance company credits the annuity contract a fixed rate of interest usually higher than bank CDs while guaranteeing the principal investment.
Index annuities are tax-deferred annuities where the credited interest is linked to an equity-based index. Index annuities give the option to invest the equity index while still protecting principal and gains.