Senior Life Insurance – Medicare Plans

We help people all across the United States make the right life and health insurance choices. Because of our experience with many insurance clients, we know that there is not one best life or health insurance choice for every one of our clients. The right choice usually depends upon our client’s location, needs, and budget, and we want to help every client find affordable coverage from a quality company.

We give consumers professional advice and the ability to compare different kinds of insurance in their local market. Take advantage of our online insurance quote forms by entering your local ZIP code. If you need more help, you are welcome to call for a phone consultation.

Types of Life Insurance

Before you decide which life insurance to consider for yourself or your elderly parents, you should compare both different types of life insurance and different life insurance companies. Typically, any life insurance consumer’s needs depend upon their budget, income, the reason that they want to purchase coverage, medical conditions, and their age.

Also, some insurers offer cheaper rates for the exact same product and client. After you decide what kind of policy to purchase, let us help you check local term and whole life insurance quotes.

Term Life Insurance

These days, term life insurance is very popular because it is almost always the cheapest. However, it is important to understand that you only buy term for a specific length of time, and once the contract has expired, the policy is generally worthless. With term, you are only buying life insurance and not a product with a cash value.

However, because rates are usually low, this might be a good choice for people who need to buy a large death benefit at an affordable price. Typically, term life is a good solution for relatively healthy adults who need coverage for a specific length of time.

For example, many people purchase term after buying a home or having a baby. These people assume that they will pay off the home or raise their child before the term expires.

Whole Life Insurance

This is the simplest and oldest type of permanent life insurance. Permanent life insurance does not expire, and it stays in force as long as it gets paid for or has been paid up. Unlike term, whole life also grows a cash value over time.

That means that a whole life policy can also get used as an asset. The cash value can get borrowed against or cashed in. Seniors may also have a chance to sell their whole life policy in a transaction called a senior life settlement.

Burial Insurance Plans

After a loved one passes away, many families get confronted by major expenses. Besides the fact that average U.S. funerals can cost tens of thousands of dollars, the family may also need to settle debts, arrange to clean out a home, and tie up many other loose ends. Burial insurance plans are a type of whole life insurance that usually has a fairly modest death benefit and is easy for seniors to qualify and apply for.

These are some characteristics of typical burial plans:

  • Death benefits: These are usually from about $5,000 to about $25,000.
  • Premiums: Because the death benefits are fairly small, the premiums are affordable for many families.
  • Applications: The application process is very simple. Some burial policies ask a few health questions, but many do not ask any health questions at all.
  • Age: Many policies accept applicants from about 50 years of age to over 80 years of age.

Senior Life Insurance

Because Americans have been enjoying longer lives for the last few decades, many quality life insurance companies have been eager to court the business of of older people. In some cases, older folks want to purchase insurance in order to transfer an estate, protect their families, or even to use as a type of burial insurance. In fact, referring to burial policies as senior life insurance might be common, but relatively healthy people in midlife and retirement years may also qualify for larger whole life policies or term policies.

Medicare Supplement Plans

Medicare Advantage plans are for people who have already enrolled in Part A and B of original Medicare. These policies replace original Medicare for plan members, and they must provide benefits that are as good or better than Part A and B. Many plans also include Part D prescription drug coverage, but that is not a requirement.

The most common types of Medicare Advantage are HMOs, PPOs, HMO-POS, and PFFS. The first three types depend upon a plan network to control costs and make claims simpler. This outlines the basics of each type of Medicare Advantage plan, but you should also be sure that you understand the details of how specific plans work:

  • With an HMO, a member virtually always needs to seek covered services inside the network.
  • PPOs and HMO-POS are more flexible, but members should count on getting most of their services from inside the network to save money.
  • A PPFS does not use a network, but plan members still need to make sure that health service providers accept the plan.

Some of these plans do not charge an additional premium, beyond the Part B premium, but others do have a monthly charge. Typically, premiums are fairly modest. These plans may also include extra benefits that could include memberships to health clubs and some dental, vision, or hearing coverage. Most important, many Medicare recipients find that the right plan helps them control their medical expenses and gain access to the right health providers. Be sure to check out the new 2016 Medicare supplement plans on our sister website if you are on Medicare.

Let Us Help You Choose the Right Life and Health Insurance

Finding the right life and Medicare insurance couldn’t be simpler. Begin checking Medicare Advantage, term life, and whole life insurance quotes by typing your ZIP code into the form on this page. Click through any local options to learn more. If you have questions or need help enrolling, you are always welcome to give us a call. Our goal is to help each of our clients find affordable coverage from a top company.