Term life insurance provides affordable financial protection for a specific period of time, typically 10, 20, or 30 years. You choose the amount of coverage and the length of the policy based on your family’s financial needs and goals.

If you pass away while the policy is in force, your insurance company pays a tax-free death benefit to the beneficiaries you’ve named. They can generally use those funds however they choose, such as paying off a mortgage, replacing lost income, covering everyday living expenses, funding education, or helping manage other financial obligations.

Permanent life insurance, which includes types such as universal life insurance, is designed to provide lifelong financial protection. Unlike term life insurance, which covers you for a specific period, permanent life insurance can remain in force for your entire lifetime, provided you meet the policy’s premium and other requirements.

Permanent life insurance can also offer a cash value component that has the potential to grow over time on a tax-deferred basis. Depending on the type of policy and its terms, you may be able to access the cash value during your lifetime through withdrawals or policy loans. Universal life insurance can provide additional flexibility by allowing you to adjust certain aspects of your coverage and premium payments, subject to the policy’s requirements.

Because of its lifelong coverage and potential cash value growth, permanent life insurance can be used for a variety of long-term financial goals, including providing funds for loved ones, creating an inheritance, supporting estate planning, or helping address final expenses.

The cost and features of permanent life insurance vary by policy, and maintaining coverage generally requires premiums to be paid as required and sufficient policy value to support the policy. Understanding the guarantees, fees, cash value provisions, and potential risks is important when choosing a permanent life insurance policy.

Final expense insurance, also known as burial insurance, is a type of whole life insurance designed to help cover the costs and financial obligations that arise after you pass away. It provides a death benefit to your chosen beneficiary, who can generally use the funds to help pay for expenses such as funeral or memorial services, burial or cremation costs, outstanding medical bills, and other final expenses.

Because final expense policies typically provide permanent coverage, they can remain in force for your lifetime as long as the policy requirements are met. Coverage amounts are generally smaller than those of traditional life insurance policies, making final expense insurance a straightforward option for people who want to leave their loved ones with funds specifically intended to help handle end-of-life expenses.

Planning ahead with final expense insurance can give you greater peace of mind knowing your family may have financial resources available when they need them most. It can also help reduce the likelihood that your loved ones will have to pay these unexpected costs out of pocket during an already difficult time.

A serious health event such as cancer, a heart attack, stroke, or another covered condition can have a significant impact on your life—and may make it difficult or impossible to work for a period of time. In addition to the emotional and physical challenges, you may face medical expenses, everyday bills, and a loss of income.

Critical illness insurance is designed to provide financial support when you need it most. If you’re diagnosed with a covered illness and meet the policy’s requirements, the policy can provide a lump-sum cash benefit that you can generally use however you choose. The funds can help cover medical expenses, mortgage or rent payments, household bills, transportation, childcare, or other costs while you focus on your recovery.

Unlike health insurance, which is designed primarily to help cover medical care, critical illness insurance provides cash directly to you. Having this additional financial resource can help reduce the financial pressure that may come with a major health crisis and give you greater flexibility during your recovery.

Coverage, eligible conditions, benefit amounts, and requirements vary by policy, so it’s important to understand the specific terms before purchasing coverage.

Whether retirement is just around the corner or still years away, having a strategy in place can help you feel more confident about your financial future. Depending on your goals, an annuity or an indexed universal life (IUL) insurance policy may provide opportunities for income, financial protection, and cash value accumulation.

An annuity is designed to help create a reliable stream of income, which can be especially valuable during retirement. Depending on the type of annuity and its terms, it may provide guaranteed income for a specific period or for life, helping reduce the concern of outliving your retirement savings. Annuities can also offer tax-deferred growth, allowing your money to potentially grow without current taxation on earnings until they are withdrawn.

An indexed universal life (IUL) policy combines lifelong life insurance protection with a cash value component. The cash value has the potential to grow based in part on the performance of a selected market index, subject to the policy’s participation rates, caps, floors, fees, and other provisions. IUL policies can also offer flexibility in premium payments and death benefit options, depending on the policy.

Both annuities and IULs can play a role in a long-term financial strategy, but they work differently and are designed for different needs. An annuity may be better suited for creating a dependable retirement income stream, while an IUL may be appropriate for someone seeking permanent life insurance protection along with potential cash value accumulation.

The right strategy depends on your financial goals, time horizon, risk tolerance, and overall financial situation. Understanding the guarantees, fees, limitations, and potential risks of each option can help you make an informed decision and build a retirement strategy designed to protect what matters most.