Whole life insurance is a permanent life insurance policy that guarantees a fixed death benefit for your beneficiaries and a cash value savings component for the policyholder. The death benefit is tax-free.  Additionally, this plan could work like a low-risk investment account, providing an extra source of income for retirement, college tuition, or emergency funding. 

Term life insurance is a type of life insurance policy that expires after a set period or a (term). Until its expiration date, the policy guarantees payment to a beneficiary or beneficiaries if the insured dies.  This policy has affordable premiums, life coverage with financial security and income tax benefits.

Universal Life Insurance is a type of permanent life insurance plan with a cash value component but premiums and returns can vary. These policies provide different investment options and terms to fit different needs and levels of risk tolerance.

An annuity is a contract between you and an insurance company that requires the insurer to make payments to you as one lump-sum payment or as a series of payouts immediately or in the future. People typically buy annuities to help manage their income in retirement.

Endowment insurance is a type of life insurance policy designed to pay a lump sum on maturity or on death. This plan promises a risk-free, guaranteed return on a guaranteed date as long as you make the fixed monthly payments. Sometimes this policy is marketed as a college savings plan. 

An individual retirement account is a savings account with tax advantages that individuals can open to save and invest in the long term. Similar to a 401(k) account that an employee obtains as a benefit from their employer, an IRA is designed to encourage people to save for retirement.