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A life insurance policy generally provides a tax-free payout (or death benefit) for your loved ones if you die. These funds can help your family maintain their quality of life if you’re not there to provide for them. The money can also cover obligations like outstanding debts and funeral expenses. If you are looking for a lower upfront cost and need coverage for a set length of time, consider term life insurance. A term life policy provides coverage for a term such as 10 or 20 years, along with more affordable rates. However, it does not accumulate a cash value. For that, consider a whole life insurance policy, which accrues value over time and may be beneficial to your estate planning.

People with physical or cognitive impairments often need significant medical and personal care in their day-to-day living. This is especially common later in life. However, general health insurance may provide only limited coverage for these needs, which can cause a significant financial burden for the family of someone who needs long-term care.

A long-term care insurance policy can cover the costs of many services that support individuals with common daily activities. These may include in-home care, adult daycare facilities, assisted living and nursing facilities, and hospice care.