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Individual Life Insurance is an individual policy that is owned by you, and you can take it with you into retirement. You pay a premium rate based on your age at the time of application. Although premiums are higher initially, they do not increase due to age, nor does your coverage reduce due to age. Group Term Life Insurance is a policy intended to last during your working years only. It is a policy that is not an individual contract but one that is owned by your employer.

There are two basic life insurance options: term and permanent. Term lasts for a specific, pre-set period. Permanent lasts your entire lifetime. Depending on your needs, you may want the affordability of term life which is most often used for temporary, short-term needs like your mortgage. Or, you may prefer the lifelong protection and cash value that most permanent life insurance products offer.

Annuities are insurance contracts that promise to pay you regular income either immediately or in the future. You can buy an annuity with a lump sum or a series of payments. The income you receive from an annuity is taxed at regular income tax rates, not capital gains rates, which are usually lower.

The best retirement plans can help you build your nest egg. But given the different features and benefits of the various types of IRAs and 401(k) plans, it can be a challenge to find the right one for you and your situation. The good news is that you can have more than one.

Final expense insurance is designed to cover the bills that your loved ones will face after your death. These costs will include medical bills and funeral expenses. Final expense insurance is also known as burial insurance.

Pre-paid funeral plans provide a way for people to pay for their funeral arrangements before they pass. It’s for people who want to spare their loved ones from having to make decisions and experience financial stress while grieving.