Term Life Insurance: a type of life insurance policy that provides a death benefit to a beneficiary if the insured person passes within a specified time period. The policyholder pays premiums for a set period of time, such as 10, 20, or 30 years, and if the insured dies during that time, the beneficiary receives a cash payment. The death benefit can be paid out as a lump sum or as an annuity.

Term Life Insurance (R.O.P.): (Return on Premium) This type of policy will provide a return of all or most of the premium payments made into the policy for the term of the policy. This policy provides coverage for a specific term, meaning it is offering affordable protection for a set number of years. Also, there are some carriers with Term Policies that would be advantageous for the person who wants insurance today at the lowest cost with the intention of rolling the policy into a permanent policy without medical conditions being considered at the time of the rollover. This policy will usually allow the change to another policy within 30 days of its term lapse date.

Whole Life Insurance: Whole life insurance is a permanent life insurance policy that provides coverage for the insured's entire life as long as premiums are paid on time. Unlike term life insurance, which only covers the insured for a set period of time, whole life insurance does not expire. Whole life insurance also has a cash value component that grows over time and can be accessed by the policyholder while they are still alive. 

Guaranteed Issue Life Insurance: Designed for those with significant health issues. This policy typically doesn't require a medical exam.

Final Expense Life Insurance: also known as burial or funeral expense insurance, is a permanent life insurance policy that pays a death benefit to beneficiaries to cover end-of-life expenses. These expenses can include:Funeral costs, Medical bills, Legal bills, Credit card debts, Paying off a mortgage, Auto loans, A nest egg for a new home and more.

Indexed Universal Life Insurance (I.U.L.): a type of permanent life insurance that offers policyholders more flexibility than other plans. IUL policies have a cash value component and a death benefit, and policyholders can choose how to allocate their cash value. This policy can also include riders such as living benefits.

Universal Life Insurance (U.L.): a type of permanent life insurance that allows policyholders to customize their coverage and make adjustments over time. UL policies can include a death benefit, cash value, and flexible premiums. The cash value earns interest, which is set by the insurer and can change frequently. Policyholders can use the cash value for a variety of purposes, including:

Borrowing Policy

holders can take loans against their cash value or use it as collateral for a bank loan

Withdrawing Policy

holders can withdraw up to the amount of premiums they've paid in without paying taxes

Surrendering Policy

holders can surrender their entire policy and receive all of the cash value, but they'll lose their coverage

Annuities are a type of investment that can be fixed, variable, or indexed. The main difference between them is when payments begin:

Immediate annuities

Payments begin immediately, and the term "immediate" refers to when payments start, not the annuity's rate of return. Immediate annuities can be fixed, variable, or indexed. Some benefits of immediate annuities include:

Locking in income for a chosen period

Choosing payment amounts

Easy management

Death benefit that can extend payments to heirs

However, they may have limited potential for growth and reduced liquidity

Financial advisors often recommend purchasing immediate annuities when you're close to retirement, and costs are typically between 1% and 5% per year

Deferred annuities

Payments begin in the future, usually during retirement, and can be fixed, indexed, or variable. Deferred annuities allow you to use a lump sum or multiple purchases to receive a guaranteed income at a future date of your choosing, usually between 13 months and 40 years after the initial purchase.

Indexed annuities

These annuities are linked to the performance of one or more market indexes, and there are two main types: equity-indexed annuities (EIAs) and registered index-linked annuities (RILAs). 

Fixed indexed annuities are a tax-deferred, long-term savings option that can protect your original deposit if the market goes down, while still offering the potential for growth. They offer more growth potential than fixed annuities, but less risk and potential return than variable annuities.

Variable annuities: Variable annuities feature an interest rate that changes in response to market fluctuations.

403(b) is strictly for government and non-profit employees while the 401(k) is for employees of companies in the private sector. 401(k)s and 403(b)s are both employer-sponsored retirement plans that allow employees to save a portion of their salary on a pre-tax basis. The main difference between the two is who sponsors them: 401(k)s are offered by for-profit companies, while 403(b)s are offered by tax-exempt organizations like public schools, churches, and hospitals.

Some common reasons to roll over a 401(k) include:

Changing jobs: Consolidating retirement accounts from previous employers into one place can be ideal when changing jobs. You can also take advantage of more investment options and services, and may not have to take required minimum distributions (RMDs). If you change jobs, you can roll over your 401(k) from your previous employer to your new employer within 60 days using a direct trustee-to-trustee transfer.

Retiring: You might roll over your 401(k) when you retire.

Avoiding higher fees: Rollovers can help you avoid high fees that might deplete your 401(k).

Limited opportunity for early withdrawals without paying a 10% early-withdrawal additional taxIncome taxes paid when you convert the assetsIf you're 55 or older and leave your job in the year you turn 55 or between the ages of 55 and 59, you might not want to roll over your 401(k) because the rule of 55 allows you to use your current 401(k) for retirement income without paying a 10% penalty