In insurance language, a “claim” is a formal request to an insurance company for payment under an insurance policy. The payment of a claim is subject to the terms and conditions of the insurance policy. Many insurers have online claim forms and instructions to guide you through this process, including uploading certain documentation. Others will […]
Life insurance is complex, and the purpose of this and the other life insurance articles on Senior Care Advice is to simplify it. Specifically, we want to give you the knowledge by which to make smart decisions about obtaining life insurance, keeping what you have, buying more, or letting it go. There is no “one-size-fits-all” […]
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 describe the amount paid to an insurance company for life insurance or for any other kind of insurance. The correct word is “premium.” A “rate” […]
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 an individual or from an entity to an insurance company. The insurance company pays compensation for the loss. It is important to recognize that any […]
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 into law by President Franklin Roosevelt in 1935 and the current version of the Act has been amended numerous times. Social Security is funded through […]
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. Part D gave retirees the option to purchase prescription drug coverage through Medicare. Since then, 51 million people have enrolled in prescription drug plans. Enrollment […]
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 value insurance, on the other hand, blends term insurance with a savings or investment component. Cash value insurance policies are sold as whole life insurance, […]
Updated April 2026 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 would otherwise have been paid to the designated beneficiaries at the time of his or her death. “Living benefit” provisions are very […]
Updated December 2025 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 company will be expected to pay out the face value of the policy, less any liens or advances paid. This only applies […]
Updated February 2026 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 are some glaring gaps in coverage–especially when it comes to an aging population–and you should be aware of those gaps and what […]