It is important to do a needs analysis to check what if….What if your income stopped due to injury or sickness, or if you died prematurely?
Term Life Insurance
Pays a lump sum on death.
Insure up to 75% of your income if you are unable to work. Watch out for those cheap and nasty products you hear about on television.
Receive a lump sum if you are permanently disabled
Originally called dreaded diseases, pays a lump sum if you contract specified diseases.
Accident Life & Income Insurance
What it says if you die as a result of an accident pays a lump sum. Pays an income if you have an accident.