Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).

The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits. Living benefit plans are insurance policies that provide financial benefits to survivors who face issues due to aging, illness, accidents and dependency.

Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.

Is ideally a life-long process. You can start at any time, but it works best if you factor it into your financial planning from the beginning. That's the best way to ensure a safe, secure—and fun—retirement.

An annuity is a contract between you and an insurance company that requires the insurer to make payments to you, either immediately or in the future.

You buy an annuity by making either a single payment or a series of payments. Similarly, your payout may come either as one lump-sum payment or as a series of payments over time.

A mutual fund is a company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt.

The combined holdings of the mutual fund are known as its portfolio. Investors buy shares in mutual funds. Each share represents an investor’s part ownership in the fund and the income it generates. The advantages of mutual funds include economies of scale, economies of scope, diversification, liquidity, and professional management.

An individual retirement account (IRA) is a tax-advantaged investing tool that individuals use to earmark funds for retirement savings. It is a form of individual retirement plan provided by many financial institutions, that provides tax advantages for retirement savings.

There are several types of IRAs:

-- Traditional IRAs --SEP IRAs

-- Roth IRAs -- SIMPLE IRAs