Life insurance can replace income that would be lost with the untimely death of yourself or another family member. How it works is straightforward: You pay the insurer "premiums" based on your age and health, and the insurer promises to pay your beneficiaries a death benefit when you die.

Why buy life insurance? It can help protect your beneficiaries' home and livelihood, while replacing your income and minimizing the debt load for your survivors. In addition, beneficiary proceeds paid are not subject to income tax.

Permanent Life
is a more life insurance. Designed to provide for your entire life with fixed guaranteed premiums, even to age 100. This type of insurance accumulates a cash value that is available to you to borrow, or should you surrender the policy, it is paid out to

Universal Universal Life
offers flexibility. The amount of premiums may vary as long as the available cash value is sufficient to cover the costs of the policy.

Term Life
is the simplest form of insurance. It is purchased for a specific term – 1-30 years – and it does not have other benefit provisions such as cash value. If you die during the term, your beneficiaries receive the death benefit. But, if you're still living when the policy expires, coverage ends and there is no payout.

Second to Die
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One thing is true for all types of life insurance: the younger you are and the healthier you are when you purchase life insurance, the less premium it will cost you. You should consider your life insurance needs when major events occur in your life such as marriage, the birth of your children or a business startup.

Long Term Care
With quality long-term care costing as much as $50,000 a year these days, its cost for you or your spouse could quickly drain your life's savings. A Long-Term Care (LTC) insurance policy can provide the protection you need. It can also help you retain your independence, even if an accident or illness takes away your ability to care for yourself.