Having life insurance will pass the financial burden that accompanies death to your insurance company. The most selfless thing you can do for your loved ones is to secure a financial safety net for when that inevitable day comes.

There are two types of life insurance:

• Permanent: Permanent life insurance is an umbrella term applied to life insurance policies that last your lifetime, as long as your policy premiums are paid. This is in contrast to a term life insurance policy, which only provides coverage and locked-in rates for a specific period of time, often 10, 20 or 30 years.
• Temporary: Temporary life insurance is a type of short term life insurance offered only during the life insurance application process. If you die before your final application is approved, the temporary policy pays out to your beneficiaries. Temporary coverage is only available while you wait for your final policy to go in force and if you want it, you must purchase it at the time of your initial application. Coverage generally lasts 60-90 days and expires once your final policy is active.

PROTECT YOUR BIGGEST ASSET – Your Income.
Get a personalized disability insurance policy designed to help protect your income if the unexpected happens.

The term disability income (DI) insurance refers to an insurance policy that provides income to individuals who can no longer work because of a disability. Disability income insurance helps protect people from financial losses if an accident or illness renders them incapable of working and receiving regular income.

DI insurance is available through employers, Social Security, or insurance companies and comes in short-term and long-term disability coverage. Premiums are based on a number of factors, including a person’s age and occupation. Policies pay benefits on a monthly basis.

The growing interest in long-term-care insurance can be attributed largely to the aging of America. According to the U.S. Census Bureau, the median age in the United States was 36.9 in 2011 — the highest ever. This demographic shift is due to the 76 million Baby Boomers, the last of which will reach age 65 by 2030.

The U.S. Department of Health and Human Services estimates that about 40% of people aged 65 or older have at least a 50% lifetime risk of entering a nursing home. At a time when the average cost of a private room in a nursing home is $192 per day — or about $70,000 annually — long-term care insurance can be viewed as a solid investment for those who have assets to protect or who want to avoid becoming a financial burden to their families.

Long-term care insurance is not life insurance, disability insurance or health insurance. Instead, long-term care insurance includes a range of nursing, social and rehabilitative services for people who need ongoing assistance due to a chronic illness or disability. Long-term care insurance can be used by anyone at any age who suffers an accident or debilitating illness, but it is most frequently used by older adults who need assistance with essential physical needs, such as bathing, dressing or eating.