Life Insurance
Life insurance is a contract between an individual and an insurance company, where the insurer promises to pay a beneficiary a sum of money upon the death of the insured person.
The purpose of life insurance is to provide financial security and support to the beneficiaries, often used to cover expenses such as funeral costs, debts, and living expenses for dependents.
Mortage Protection
(MPI) is a type of life insurance policy designed to pay off a mortgage if the policyholder dies before the mortgage is fully paid. It ensures that the remaining mortgage balance is covered, providing financial security to the homeowner's family by allowing them to keep the home without the burden of mortgage payments.
Some MPI policies may also cover disability or job loss, paying a portion of the mortgage for a specified period in such events.
Retirement Planning
Annuities are financial products that provide a stream of payments to an individual, typically used as a way to secure a steady income during retirement.
They are often sold by insurance companies and come in various forms. Proper retirement planning can allow an individual to strategically build wealth that can also be transferred to future generations.
Estate Planning
Estate planning is the process of arranging for the management and disposal of a person's estate during their life and after death. It involves creating a plan to distribute assets, reduce taxes, and ensure that the estate is handled according to the individual's wishes.
Medicare
Medicare is a federal health insurance program in the United States primarily designed for individuals who are 65 or older. It also covers certain younger people with disabilities and those with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant).