Life Insurance and Investments
Term Life
Term life insurance is a type of life insurance policy that provides coverage for a specific period, or "term" — such as 10, 20, or 30 years. If the policyholder dies during the term, the insurer pays a death benefit (a lump sum of money) to the designated beneficiaries. If the policyholder outlives the term, the policy typically expires with no payout. Term life is a less expensive optioan than Permanent Life Insurance.
Permanent Life
Permanent insurance is a type of life insurance that provides lifetime coverage as long as premiums are paid. Unlike term life insurance, which only covers you for a set period (like 10, 20, or 30 years), permanent insurance does not expire. It also typically includes a cash value component that grows over time and can be borrowed against or withdrawn.
Final Expense
Final expense insurance is a type of life insurance designed to cover the costs associated with a person’s death, such as, Funeral and burial costs , Cremation, Medical bills and Outstanding debts.
It’s usually a whole life insurance policy with a small death benefit, typically ranging from $2,000 to $25,000. This type of policy is Affordable with lower premiums, Easy to qualify for, often requiring no medical exam and Aimed at seniors or those with health issues. The purposeis to relieve surviving loved ones from the financial burden of end-of-life expenses.
Annuities
An annuity is a financial product that provides a series of regular payments made over time, typically used as a way to provide steady income during retirement. You invest money either as a lump sum or through regular payments. The annuity grows tax-deferred (you don’t pay taxes on gains until withdrawal). Later, you receive regular income payments, usually monthly, quarterly, or annually. Annuities provide Steady income in retirement, Tax-deferred growth, Option for lifetime income and offers Death benefits (in some contracts) for beneficiaries.