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Term life insurance lasts for a specified number of years and then ends. You choose the term when you take out the policy, with common terms being 10, 20, or 30 years. The best-term life insurance policies balance affordability with long-term financial strength.
Types of Term Life Insurance:
Term life insurance is attractive to young people with children because parents can obtain large amounts of coverage at reasonably low costs. Upon the death of a parent, a significant benefit can replace lost income.
These policies are also well-suited for people who temporarily need specific amounts of life insurance. For example, the policyholder may calculate that by the time the policy expires, their survivors will no longer need extra financial protection or will have accumulated enough liquid assets to self-insure.
Term life insurance is for a predetermined period, typically between 10 and 30 years. Term policies may be renewed after they end, with premiums recalculated based on the holder’s age, life expectancy, and health. By contrast, whole life insurance covers the entire life of the holder. Unlike a term life policy, whole life insurance includes a savings component, where the cash value of the contract accumulates for the holder. The holder can withdraw or borrow against the savings portion of their policy, where it can serve as a source of equity.
Whole life insurance, also known as traditional life insurance, provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate. Interest accrues at a fixed rate and on a tax-deferred basis.
Whole life insurance policies are one type of permanent life insurance. Universal life, indexed universal life, and variable universal life are others. Whole life insurance is the original life insurance policy, but it does not equal permanent life insurance as there are many types of permanent life insurance.
Universal life insurance and whole life insurance are both permanent life insurance types that offer guaranteed death benefits for the life of the insured. However, a universal life policy allows the policyholder to adjust the death benefit as well as the premiums. As one might expect, higher death benefits require higher premiums. Universal life policyholders can also use their accumulated cash value to pay premiums, provided the balance is sufficient to cover the minimum due. Whole life insurance, alternatively, does not allow for changes to the death benefit or premiums, which are set upon issue.
Universal life (UL) insurance is permanent life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums similar to those of term life insurance. Most UL insurance policies contain a flexible-premium option. However, some require a single premium (single lump-sum payment) or fixed premiums (scheduled fixed payments).
Unlike term life, UL insurance policies can accumulate interest-bearing funds like a savings account. Additionally, policyholders can adjust their premiums and death benefits. Those paying extra toward their premium receive interest on that excess.
If you want to build tax-deferred savings and don’t expect to tap into the funds for a long time, universal life may be a suitable option. The cash value option that’s part of a universal life policy may be available for you to withdraw or borrow against in an emergency.
It’s a good idea to talk with your insurance provider to better understand your life insurance options. They can help you review your personal situation and long-term goals to choose a policy that’s a good fit for you and your family.
Health insurance is a contract that provides financial coverage for medical expenses. It helps protect individuals and families from high healthcare costs, offering peace of mind and access to necessary treatments.
Health insurance ensures you can get timely medical care without the burden of overwhelming costs. It also encourages preventive care, regular checkups, and early treatment of illnesses, improving overall well-being.
When you enroll in a health insurance plan, you pay a monthly premium. In return, your insurer helps cover your medical costs after deductibles, co-pays, or co-insurance have been met. Most plans include a network of doctors and hospitals you can access at discounted rates.
When selecting a health plan, consider your medical needs, budget, preferred doctors, and whether you require coverage for prescriptions, mental health services, or specialists. Compare plan benefits and network providers before deciding.
Open enrollment typically happens once a year. During this time, you can sign up for a plan, change plans, or add family members. Special enrollment periods are available if you experience major life changes such as marriage, birth, or job loss.
Whether you’re single, married, or have children, there are flexible plans tailored to your lifestyle and healthcare needs. Family plans offer comprehensive benefits while reducing the cost per person.
Most insurance plans cover preventive services like vaccines, screenings, and wellness visits at no additional cost. This promotes early detection and helps reduce long-term health issues.
Have questions or need help choosing a plan? Speak with a licensed agent or use online tools to compare options and find the best fit for your situation.
Medicare is a federal health insurance program primarily for people aged 65 and older, but it also covers younger individuals with certain disabilities or end-stage renal disease (ESRD).
You may qualify for Medicare if you’re 65 or older, or under 65 and receiving Social Security Disability Insurance (SSDI) for at least 24 months. Certain conditions like ALS or kidney failure requiring dialysis can also qualify you.
Most people don’t pay a premium for Part A if they worked and paid Medicare taxes for at least 10 years. Part B has a standard monthly premium, and costs for Parts C and D vary depending on the plan and provider.
Offered by private companies approved by Medicare, these plans often include coverage for dental, vision, hearing, and wellness programs. They usually have provider networks and may require referrals.
Medigap plans help cover out-of-pocket costs not included in Original Medicare, such as copayments, coinsurance, and deductibles. These are also offered by private insurance companies.
Medicare is age- or disability-based, while Medicaid is a state-run program for people with low income. Some individuals qualify for both, known as “dual eligibility.”
You can enroll in Medicare through the Social Security Administration. Visit SSA.gov, call 1-800-772-1213, or visit your local Social Security office.
If you’re unsure which Medicare plan fits your needs, a licensed insurance agent can help compare your options, check eligibility, and guide you through enrollment.
Final expense insurance, also known as burial or funeral insurance, is a type of whole life insurance designed to cover end-of-life expenses such as funeral costs, medical bills, and other outstanding debts. It provides peace of mind for families during a difficult time.
Funerals and related costs can quickly add up to thousands of dollars. Final expense insurance helps protect your loved ones from the financial burden of your end-of-life arrangements, ensuring they can focus on healing rather than finances.
This type of insurance is ideal for seniors, retirees, and anyone who wants to ensure their final expenses are taken care of. Most policies are available to individuals between the ages of 50 and 85, with coverage amounts typically ranging from $2,000 to $50,000.
Final expense insurance provides a tax-free lump sum payment to your chosen beneficiary upon your death. Premiums are typically fixed and remain the same for life. Many policies offer simplified underwriting with no medical exam—just a health questionnaire.
The amount of coverage depends on your personal wishes and anticipated expenses. On average, funerals can cost between $7,000 and $12,000. Consider adding extra coverage for medical bills or other final obligations.
When selecting a policy, compare premium costs, coverage amounts, and whether the policy offers immediate or graded benefits. Work with a licensed agent to explore your options and find a plan that fits your budget and goals.
Yes. Many final expense policies are designed for individuals with health conditions. Guaranteed issue plans are available with no health questions, though they may have a waiting period for full benefits.
Planning ahead with final expense insurance is a lasting gift to your family. Secure a policy today and make sure your loved ones are protected from unexpected costs in the future.