Life Insurance

It’s often said that life insurance is not for those who die— it’s for those who live. And it is. If you die while you have life insurance in place, the people you’ve chosen (your beneficiaries) will receive a sum of money (the death benefit) from your life insurance policy. They can use this money for anything, but its main purpose is usually to help make up for the loss of your income.

The needs most people have:
Daily Living Expenses
Help maintain your family’s lifestyle by replacing your current income. The death benefit proceeds can help keep the fridge filled, the lights on, and the car payments made on time.
Home
Help protect your family’s home by enabling them to pay off the mortgage. This can help them stay where they’re comfortable and in a place filled with warm memories.
Education
Help safeguard your child’s future by keeping the college fund intact, helping to ensure that money for your children’s education will be there, even if you’re not.
Last Expenses
Help provide funds to pay estate taxes and other final expenses, such as funeral costs and outstanding medical bills, to help ensure that financial difficulties won’t be among your family’s sorrows.
Retirement
Help ensure a solid retirement for your spouse or partner if you’re not there.

Term Insurance

Term insurance usually provides the largest amount of insurance protection at the lowest initial cost. For this reason, it’s the type most people start out with. Because term policies end at a specific point—the end of the term —they are best for providing protection for large needs with specific end points. For example, the parent of a young child may choose a 20-year term policy to provide protection until the child is over 18 and, perhaps, on his or her own.
Other typical periods you might choose term insurance to cover include the time:
* Remaining on your mortgage obligation.
* You plan to continue to work and have others relying on your income.
* Remaining on an outstanding business or other loan.

Permanent Insurance

Permanent insurance is designed to last as long as you live and typically makes a good supplement to term insurance. You will likely still want insurance after your term coverage ends, either for life-long or unplanned needs, or for needs with an unpredictable or extended end date.

Long Term Care

Long-term care or LTC is any of a wide range of ongoing services and support systems designed to help individuals perform self-care when they are unable to do so themselves. It can be something as simple as one spouse helping another out of bed at home, or it can involve providing round-the-clock medical care to a chronically ill patient in an institutional facility where the individual lives full time.

Annuities

In basic terms, an annuity is a financial instrument that provides a means to accumulate funds for the future, and then systematically distribute those funds over a given period.
With an annuity, the owner deposits money into the contract in the form of premiums. The insurer then invests these funds, which are credited with interest earnings or grow in value in relation to the performance of the investments in which they are deposited.

At a certain point in the contract’s life, the insurance company—at the owner’s direction—will convert all or a portion of the contract’s funds into a series of periodic income payment. If you are concerned about outliving your savings, perhaps an income annuity will fit your needs. An annuity can offer a guaranteed lifetime income that you can’t outlive.

Critical illness

If diagnosed with a major illness (such as cancer, heart attack, stroke or kidney failure), Critical Illness Policy will provide an immediate payment to the insured, tax-free, to be used any way your client deems necessary, such as to replace lost income and cover deductibles, co-pays or out-of-network expenses; access the best health care; or even explore experimental drugs or treatments.
Critical illness insurance pays you a lump-sum cash amount if you are diagnosed with any one of the critical illnesses covered by your policy, even if you make a full recovery.

Disability Insurance

Disability insurance provides income when illness or injury prevents you from working. Unlike medical insurance, it replaces lost wages during a disability. The risk of becoming disabled is higher than dying at any age — especially between 30 and 50.
Coverage can come from:

Employer or association plans
Individual policies
Workers' compensation
Social Security

Disability insurance policies vary in what they cover. Some only pay for specific causes like accidents, while others exclude illnesses or work-related incidents.
Policies are typically:

Occupational: Covers disabilities from any cause, on or off the job.
Nonoccupational: Covers only non-work-related disabilities (usually cheaper).

Disabilities are also classified as:

Total or Partial
Temporary or Permanent
Combinations, like "permanent total"

Partial disability means you can’t do all your job duties and receive reduced benefits (e.g., 50%).
Total disability can be defined in different ways:

Own occupation: Can’t do your specific job (e.g., a surgeon with hand tremors).
Any occupation: Can’t do any job you’re qualified for.
Unable to work at all: Strictest definition — completely incapacitated.

Some policies require ongoing medical care.
Temporary disabilities are short-term (e.g., a broken leg), while permanent disabilities last a lifetime.