What Are Life Insurance Plans?
Medicare can be thought of as a safety net for the elderly. This is a government program that helps cover the costs of various health necessities, such as hospital visits, doctor’s appointments, and even some kinds of medications. Essentially, it’s a way to help you take care of yourself as you grow older. However, these insurance plans won’t offer complete coverage. Medicare will cover hospice care, but nothing funeral or final expense wise. Learn more about the different life insurance plans we can offer below:
Term Life Insurance
Term life insurance is a type of life insurance that pays out a death benefit to a beneficiary if the insured dies within a specified time period, or “term”. It’s considered the simplest form of life insurance and is often the most affordable option. The monthly premium increases as the age you purchase the policy increase. There is only a death benefit with this type of life insurance and no cash benefit.
Whole Life Insurance
Whole life insurance is a type of permanent life insurance that provides coverage for the insured person’s entire life, as long as premiums are paid on time. It’s the most common type of permanent life insurance policy. Most insurance companies will allow one to purchase a policy for someone as young as two weeks old; the younger you purchase the lower the monthly premium will be for life! With whole life insurance there is a death benefit as well as a cash value that accumulates over time. As your cash value accumulates you may even borrow against your life insurance policy.
Universal Life Insurance
Universal life (UL) insurance is a type of permanent life insurance that offers flexible coverage and cash value accumulation. Flexibility – You can adjust your premiums, death benefit, and coverage level to fit your needs. You can also skip premium payments if your cash value is enough to cover the cost. Cash value -You can build cash value that you can borrow against while you’re alive. The cash value accumulates at a fixed interest rate, with a set minimum guarantee.
Final Expense
Final expense life insurance, also known as burial or funeral insurance, is a type of life insurance that helps cover the costs of end-of-life expenses. Final expense insurance is usually a limited, inexpensive policy that covers smaller to moderate costs, typically between $2,000 and $50,000. It’s designed to be easier to qualify for than other types of life insurance and doesn’t require a medical exam for simplified issue coverage. This can make it a good option for people with pre-existing conditions or looking into life insurance at a later age.
When Should You Consider Medicare Insurance Plans?
You should be at least 65 years old to become eligible for Medicare Life Insurance. However, some circumstances will allow you to apply for these insurance plans. These include:
Having a Disability
End-Stage Renal Disease
Amyotrophic Lateral Sclerosis
Frequently Asked Questions
Below are some commonly asked questions about Medicare Life Insurance Plans:
Medicare costs vary depending on the plan you choose. Part A may have no premium if you or a spouse worked and paid Medicare taxes. Part B has a monthly premium but Medicare Advantage and Part D plans also have premiums.
Pennsylvania offers programs like the Medicare Savings Program (MSP) to help low-income individuals with Medicare costs.
You may be able to make changes outside of open enrollment if you qualify for a special enrollment period.
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