Carol Hemberger

An annuity is a financial vehicle designed to help you accumulate money for retirement or turn your retirement savings into an income stream.

If someone depends on you financially, you likely need life insurance. The proceeds of life insurance can be used for any purpose. Life insurance beneficiaries can use the money to pay for final expenses, replace lost income, pay off a mortgage or other debts, fund a child’s education and more.

Long-term care is the type of assistance people need when they can no longer perform some or all basic activities of daily living (ADLs) which can include eating, bathing, continence, dressing, toileting and transferring (that is, moving in or out of a bed, chair or wheelchair). Long-term care needs typically arise as part of the normal aging process, but they also can be due to an injury or illness, such as multiple sclerosis, stroke or rheumatoid arthritis, or due to a cognitive impairment like Alzheimer’s disease. Medicare may not cover many of these costs associated with aging.