Insurance is the foundation of your plan for a secure financial future. It helps protect your finances when you're faced with health challenges, and helps safeguard your family's quality of life after you're gone.
Life insurance helps protect the financial security of the people who matter most, should something happen to you. It is also a crucial component of estate planning.
There are 2 main types of life insurance:
- Term life insurance policies are temporary and provide death benefits only.
- Permanent life insurance policies provide death benefit coverage immediately, plus build up cash value over time. Universal life insurance is a type of permanent insurance.
Health insurance protects you and your family from the financial impact of illness, accidents and disability.
There are 4 main types of health insurance:
- Personal health insurance helps pays for health expenses such as prescription drugs, dental and vision care.
- Critical illness insurance helps pay the costs associated with surviving a life-altering illness.
- Long-term care insurance helps cover the cost when you require substantial assistance from others due to your diminished physical or mental abilities.
- Disability insurance helps protect your income if you become disabled and can't work.