Life insurance may be one of the most important purchases you’ll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children’s education, protect your spouse’s retirement plans, and much more.

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance. Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

Consumer’s Guide: Life Insurance

Health Insurance

If you’ve ever been sick or injured, you know how important it is to have health insurance coverage. Health insurance pays for things big and small from a lab test that might cost $75 to a three-day hospital stay for major surgery that could cost tens of thousands of dollars. It gives you peace of mind of knowing that no matter what kind of care or procedure you or a family member might require, you won’t have to worry about shouldering the cost on your own.

There are four main types of health insurance. Traditional indemnity plans are at one end of the spectrum and health maintenance organizations (HMOs) are at the other. Preferred provider organizations (PPOs) and point-of-service plans (POS) combine features of both indemnity plans and HMOs, but are generally considered managed care plans.

Consumer's Guide: Getting and keeping Health Insurance in Texas

Disability Insurance

When most people think about insuring their valuables, they think about their car or their home. But your most valuable asset is actually your ability to earn a living. Insuring your livelihood is more important than insuring your possessions, and that’s what disability income insurance does: it provides you and your family with an income if you’re too sick or injured to work.

Consumer's Guide: Disability Income

Long Term Care

Many people mistakenly think their health insurance or Medicare will pay for any long-term care services they may need at some point. But health insurance really only pays for doctor and hospital bills. If you develop a chronic illness or become disabled and are unable to care for yourself for an extended period of time, you’ll need long-term care services. And these services aren’t cheap. Full-time nursing home care averages more than $60,000 per year and even part-time, in-home care can cost more than $20,000 annually.

Consumer’s Guide: Long Term Care

Employee Group Health Insurance

If you own a small business, a well-conceived insurance and benefits program could be much more important than you might imagine. It can help protect your family and your business if you die or become disabled. It can help you bridge an important gap if one of your key employees dies or leaves the business. It can assist you in attracting and retaining the best talent. And depending on the size of your company, it can even offer an innovative way for you to compensate your most valuable team members.

Consumer’s Guide: Small Business Protection

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