One rule of thumb is to buy life insurance equal to five to seven times your annual gross income. However, there is no substitute for a careful evaluation and review of your life insurance needs with a knowledgeable and experienced financial advisor.

This type of coverage lets you extend insurance protection to your accounts receivable records. If your accounts receivable records are ever damaged or destroyed by a covered loss, your insurance will pay to replace or restore them. Most policies offer between $10,000 and $25,000 for this coverage.

An advance directive is any spoken or written decision with your instructions and preferences for medical treatment. If you sign an advance directive, your family and your doctor will know who to talk about your care or what kinds of treatment you want or don’t want if you are too sick or incompetent to decide. If you become unable to make decisions about your health care treatment, your family may not be able to make decisions for you unless you sign a health care proxy directive.

These benefits are available prior to death to help pay the costs of long-term care or terminal illness. Life insurance riders which allow the policy’s death benefits to offset expenses incurred in a convalescent or nursing home facility.

This insurance covers the head of a family which is extended to his or her dependents, including only the lawful spouse and unmarried children who are not yet employed on a full-time basis. “Children” may be step, foster and adopted, as well as natural. Certain age restrictions on children usually apply.

The dividend is an amount of money returned to the holder of a policy. The money is a partial refund of the premium paid. Dividends are received when interest and expenses were more favorable than expected at the time the premiums were set.

Short-term care refers to treatment or care intended to improve or restore a member’s functioning within a reasonable period of time. It is expected to produce a positive result, not maintain functioning or prevent decline. Long-term care, on the other hand, is provided for persons with chronic diseases or disabilities. It includes a range of health and social services provided under the supervision of medical professionals.

Start as young as you can, with whatever you can, even if you are simply setting aside pocket change. We recommend setting aside 10% of your income. As a general rule of thumb, target a retirement income of roughly 70% to 80% of the amount you are living on in the months before you retire.

Both short term and long term disability coverage provides wage replacement to individuals who experience wage loss due to a disabling medical condition. However, short term disability coverage lasts for up to one year and long term disability coverage lasts for at least one year.