One of the great tax shelters also provides for your family if you die. It's Life Insurance.
There are two main types of life insurance.
Permanent or Whole Life policies have a bigger premium and build up cash values that you can borrow against.
Term policies have lower premiums and do not build up cash values. It's more like rent.
However, if others need to be protected in case you die, life insurance is not only appropriate, but it can be a bargain.
Since the death benefit is not subject to income tax, it goes farther for your loved ones. …