Life Insurance
Policyholders are made to pay premiums for their life insurance plans. When the policy takes upon the policyholder’s death, a beneficiary can collect the sum as agreed upon in the contract.
Beneficiaries are typically close relatives, family members, or trusted confidantes who are authorized to receive the death benefit from issuer of the policy.
Death benefits are typically tax-free, which means fewer hassles and expenses for the beneficiaries.
Health Insurance
This type of insurance covers medical expenses which may arise due to certain types of illnesses. Health insurance can cover hospitalization, medicines, consultations, and more.
Medicare
This is a type of health insurance that is ideal for those ages 65 and up. Seniors are eligible to sign up for Medicare up to 3 months before they turn 65. However, individuals may also be deemed eligible to get Medicare earlier if they have the following:
Disabilities
End-Stage Renal Disease (ESRD)
ALS (Lou Gehrig's Disease)
Annuities
Annuities are contracts made between an individual and an insurance company. The insurance company requires the insurer to make payments either immediately or in the future.
These types of insurance plans can be purchased through a single payment or a series of payments.