Term life insurance is a type of insurance that lasts for a specific number of years typically between 10-20 years. The best term policies have a level premium for their entire term. After the term period ends, however, the premium will typically be much more expensive. Term insurance is the most affordable type of coverage, but only 2% of these policies ever payout of a death benefit. 

Whole Life Insurance 

Whole life insurance is a type of life insurance policy that is guaranteed to stay in place for the insured entire life provided that the required premiums are paid. There is a cash value component that may be used by the insured to take out tax-free loans without penalty. One of the primary strengths of whole life insurance is the guaranteed growth of the cash value. There are a number of riders available including, a long-term care insurance rider. 

Indexed Universal Life

The primary benefit of IULs are their flexibility and ability to grow faster than whole life. The growth of the cash value is linked to an index like the S&P 500 or the Russell 2000. The insured will enjoy a portion of stock market growth without actually being invested in the market and will receive downside protection in the event of a market loss. 

Disability Income Protection

Disability income insurance pays a benefit to those who suffer a long-term disability due to an accident or illness. Benefits may be tax-free and usually pay a monthly benefit so that insured can sustain a comparable standard of living. It is important to consider factors such as how long one needs to be disabled before a benefit is paid, the monthly benefit, the taxability of the benefit, and the period of time where a benefit can be received. Another important factor to consider is whether or not a benefit can be paid in the event of a partial disability. 

Long-Term Care Insurance

A long-term insurance policy helps cover the costs of care associated with a  chronic medical condition, disability, or order such as dementia or Alzheimers. 

Most policies will reimburse you for the care given in a variety of places, such as:

  • Your home.
  • A nursing home.
  • An assisted living facility.
  • An adult day care center.

Considering long-term care costs is an important part of any long-range financial plan, especially in your 50s and beyond. Long-Term Care insurance is purchased for 2 reasons. 

  1. To Protect Assets–Long Term Care can quickly eliminate savings. The median cost of care in a semi-private nursing home room is $89,297 a year, according to Genworth’s 2018 Cost of Care Survey.
  2. To Increase Choices for Care–The options available to those who only have Medicaid are limited. 


Annuities are insurance contracts that provide a guaranteed stream of income immediately or for a time in the future. Payments may be made by the insurance company a specified period of time or for a person’s lifetime. An annuity may be purchased for a lump-sum or with a series of premium payments. 

Keith Conley, CFP®

Keith is an independent advisor and is able to make recommendations for multiple insurance carriers.