Lifestyle Protection

Life Insurance

There are two major types of life insurance: term and permanent.

• Term life is coverage that lasts for a specific period of time, such as 10, 20, or 30 years. Term coverage is ideal for a temporary need, such as providing funds that could pay off a mortgage.
• Permanent life insurance is designed to last for a lifetime. Permanent life provides a death benefit and may build up cash value that can be accessed during the insured’s lifetime, such as providing funds for a college education or providing a tax-advantaged stream of income during the insured’s lifetime.

There are a variety of term and permanent life insurance solutions available to provide for the specific needs of a family or business.

Annuities

Annuities are insurance contracts that allow the annuitant to accumulate money on a tax-deferred basis. The annuitant makes a lump-sum premium payment or a series of payments, and then may receive periodic payments that can continue for a specific period of time or for an entire lifetime.

There are two types of annuities: immediate and deferred.

• Immediate annuities payments begin immediately, which is usually defined as within 13 months of purchase or less.
• Deferred annuities accumulate funds on a tax-deferred basis and begin payments at a later date, usually a pre-determined date or after a certain event has occurred.

Long Term Care

Insurance coverage that provides benefits in the event the insured needs long-term medical care in a facility other than a hospital. Long-term care coverage provides coverage beyond medical care or nursing care, and for which healthcare insurance does not usually provide coverage.

Disability Income

Disability income insurance provides coverage in the form of monthly income payments for as long as the insured remains sick or disabled an unable to work (usually up to age 65). Payments are usually a specified percentage of the insured pre-disability monthly income.