Life Insurance
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Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations:
Replace income for dependents If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income can be especially useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.

1. Pay final expenses Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.

2. Pay federal “death” taxes and state “death” taxes Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance. Changes in the federal “death” tax rules between now and January 1, 2011 will likely lessen the impact of this tax on some people, but some states are offsetting those federal decreases with increases in their state-level “death” taxes.

3. Make significant charitable contributions By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the cash equivalent of the policy’s premiums.

4. Create a source of savings Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of “forced” savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).

Annuity Life Insurance
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With annuity life insurance, you will be given something similar to a typical life insurance plan. Instead of getting paid once you die; an annuity life insurance plan will take care of you if you were to outlive your resources. So if you are in good health and have the possibility of retiring early, you could end up running out of money. To help ensure that you won’t go broke at an old age, the annuity life plan will make payouts to you to help. There are several options to choose from when applying for annuity life policies, such as the following:

· Future Income – This option has a flexible premium and deferred fixed annuity. You will be able to accumulate cash over the years of the policy and choose the payout plan you want. The premium is at a set rate throughout the policy as well.

· Future Income Plus – With this option, you will also be offered deferred annuity and it will have a single premium. Cash accumulation over time and it has a fixed rate as well. You will be able to choose how you want the payouts to be given. During the last 30 days of a rate guarantee period, you can choose a new interest rate guarantee period – from those that are available.

· Future Income Flex – This is a variable deferred annuity option. You will be able to accumulate cash over time and make different underlying investments. Different cash payout options are available for your choosing.

· Guaranteed Income – This annuity life policy has a single premium and immediate annuities. You will be able to convert your lump sum payout option to a guaranteed payment payout for as long as you live or for a certain number of years. Some people use this option to fund tax-qualified plans. Note – if you pass away before the full policy amount is paid out, the rest may be lost.

Life Settlement Insurance
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A life settlement is the sale, assignment, transfer, or bequest of the death benefit or ownership of a life insurance policy by the owner of the policy where the insured does NOT have a catastrophic or life-threatening illness or condition. Typically, the owner of the policy receives cash (generally an amount greater than the cash surrender value in the policy, but less than the full amount of the death benefit); and the life settlement company becomes the new owner and beneficiary of the policy and is responsible for the payment of all future premiums. Upon the death of the insured, the death benefit is paid to the life settlement company. Life settlements usually involve the sale of life insurance policies by owners where the insured is a senior citizen or where the insured may have a medical condition that will likely result in a shortened life expectancy.

Universal Life Insurance
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Universal Life is a type of permanent life insurance based on a cash value. That is, the policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, and any other policy charges and fees which are drawn from the cash value if no premium payment is made that month. The interest credited to the account is determined by the insurer; sometimes it is pegged to a financial index such as a bond or other interest rate index.

Variable Life Insurance Quotes
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Variable life insurance is life insurance that gives account flexibility for more risk-oriented policyholders and it provides permanent protection for them. It pays the death benefit to a named beneficiary and offers low-risk, tax-free cash buildup. It permits the death benefit to vary, with regards to the fund returns of the cash value account. It lets a policyholder borrow from the policy, during his lifetime. However, it does not offer any guarantee on the amount of cash value, during the policy holder's lifetime. It offers no premium flexibility and no face amount flexibility.

Whole Life Insurance
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Permanent life insurance coverage for as long as you live and continue to make timely premium payments.
With level premiums and the accumulation of cash values, whole life insurance is a good choice for long-range goals. The guaranteed cash values can provide money later on to help with temporary needs or emergencies.