Long term care Insurance is a product sold by insurance companies that helps to provide for the costs of long-term care. This is a type of insurance that is intended to cover costs that are generally not covered by health insurance of Medicare. Long term care insurance is not necessarily intended for the sick, but rather, it is designed for …
What Types of Life Insurance are there?
Life insurance is a contract that exists between a policyholder and the insurer. The policy holder pays premiums to the insurer. In return, the insurer agrees to pay money to a beneficiary upon the death of the insured person. Often, the policy holder and the insured person are the same person, but this is not always the case. Each insurance …
What is an annuity?
An annuity is a contract in the form of an insurance product, in which the seller makes future payments to a buyer in exchange for a single lump sum payment (single-payment annuity) before the annuity begins. The payments continue until the death of the annuity purchaser. There are two possible phases for an annuity: the accumulation phase, in which the …