While life insurance is not required, it can be a great policy to have to ensure you and your loved ones have a financial security net to fall back on if something unexpected or tragic happens.
Many people who enroll in life insurance policies do so because they’re the main provider for their family, and they want to be sure their family will be cared for if they pass away. Your family, in most cases, would be who you choose as your beneficiaries, meaning that your policy would pay out a specific amount (death benefit) to them so they can cover bills, medical costs, and funeral costs that may incur.
In return for the insurance company to pay a death benefit after your passing, you will pay monthly premiums to the insurance company to keep your policy active.
How much the death benefit is will depend on the policy that you enroll in. If you want a higher death benefit, you should be prepared to pay higher monthly premiums. This is customary but can also depend on a variety of other factors, such as how old you are.
There are multiple different types of life insurance policies. The most common types of policies available include:
Term life is temporary life insurance that only lasts for a specific amount of time, such as 10, 20, or 30 years. Once this policy ends, you’ll have the chance to renew it, let it end, or convert it to a permanent policy.
With these policies, it’s important to know that your beneficiaries will not receive a death benefit when the policy ends. If you pass away while the policy is still active, your beneficiaries will receive the death benefit.
Whole life is permanent life insurance that includes a death benefit and a cash value. This cash value can only be accessed by the policyholder. It will grow interest on a tax-deferred basis, giving the policyholder the ability to borrow from it when the need arises.
Universal life insurance is also a permanent form of life insurance with a death benefit and cash value. However, universal life is different from whole life because it allows the policyholder to change the death benefit amount and the premiums. The accumulated cash value can also be used to pay the premiums.
You can get health insurance through the health insurance marketplace. But, if you’re a senior and want Medicare, you can simply enroll through Social Security when eligible.
If you’re looking for more Medicare coverage, or just health insurance in general, to get the best coverage, you need to compare available insurance plans in your area.
Senior Benefits Plus understands how important it is to know your life insurance options so you can make the right choice on coverage. That’s why we are here to help. Call Senior Benefits Plus at 816-835-8544, or email email@example.com and we can help you compare your options and find the policy that fits you best.
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