Before we get into a full discussion of the cost or price of life insurance, let’s identify and correctly define some terms. “Cost” and “price” are not accurate terms to …
Continue ReadingHow is the Cost of Life Insurance Determined?
Category: Finances & Insurance
What is Life Insurance and Should Older Adults Buy It?
Any kind of insurance is fundamentally about risk. Risk can be defined as the chance of financial loss due to an unexpected event. Insurance involves the transfer of risk from …
Continue ReadingHow Does Social Security Work?
Social Security, also known as the Old-Age, Survivors, and Disability Insurance (OASDI) is a federal program that includes several insurance and welfare programs. The original Social Security Act was signed …
Continue ReadingHow Does Medicare Prescription Drug Coverage Work?
Medicare Part D was signed into law in December 2003 by President George W. Bush, and retirees began to sign up for these Medicare-approved private prescription drug plans in 2006. …
Continue ReadingBorrowing the Cash Value from a Life Insurance Policy to Pay the Cost of Senior Care
There are essentially two types of life insurance policies: Term life insurance Cash value life insurance Term insurance is pure insurance protection and lacks a “saving” or “investment” element. Cash …
Continue ReadingUsing the “Living Benefit” Rider in Your Life Insurance Policy to Pay for Senior Care
Many life insurance policies now contain a provision enabling a person who is terminally ill to essentially receive an advance, during his or her lifetime, of the “death benefit” that …
Continue ReadingSelling Your Life Insurance Policy as a Viatical Settlement or Senior Settlement to Pay for Senior Care
As Benjamin Franklin’s said – “Nothing is certain except death and taxes.” If you own a life insurance policy, and continue to make premium payments on time, the life insurance …
Continue ReadingDon’t Be Blindsided: What Medicare Won’t Cover
Your parents are enrolled in Medicare and they’re insured for hospital, outpatient visits and drugs, so their basic health needs are covered. Well, yes and no. Don’t be blindsided. There …
Continue ReadingPreparing for Medicare Open Enrollment: Should Your Elderly Loved One Change Plans?
Every fall, Medicare recipients–your parents included–are bombarded with notifications about the upcoming “open enrollment” period and their options for switching coverage. As you read them, be aware that these notifications …
Continue ReadingWhy You Should Sign Up for Medicare When You Hit 65
Most people, including your parents, sign up for Medicare when they “retire” and hit 65, unless one or both of them still works and they may be covered by an …
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