Insurance makes it unnecessary to set aside large amounts of money to pay for the financial consequences of the various risks in life such as disability, long-term care or death. This will allow your money to be used more efficiently and preserve the assets you have accumulated.
Life insurance can be a key part of your estate plan. If you have or expect to have a taxable estate, life insurance, if available, is often the single best way to preserve assets, pay estate taxes and leave a legacy. Life insurance can offer surviving family members increased financial independence. As a tax-free lump sum payment, it can pay for final expenses, debts and estate taxes; provide income for the deceased’s dependents and leave a legacy.
Long-term Care and Disability Insurance protect your most valuable asset: your ability to earn. This safety net helps preserve the assets you have spent your lifetime accumulating.
Critical Care Insurance, sometimes called Catastrophic Illness insurance is a type of coverage which protects the insured for a specific and severe health problem over the defined period. It differs from other forms of health insurance in that there is limited coverage to the specifically named risk. An individual can buy the coverage as a stand-alone policy or sometimes as a rider to life insurance.