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what is life insurance?
Life insurance is a financial product that provides a lump-sum payment to designated beneficiaries upon the death of the insured person. The policyholder pays regular premiums to an insurance company, and in return, the insurer promises to pay out a death benefit to the beneficiaries named in the policy. The purpose of life insurance is to provide financial support to the insured's loved ones in the event of their unexpected death. It can help cover expenses such as funeral costs, outstanding debts, and ongoing living expenses. There are different types of life insurance policies available, including term life insurance and whole life insurance, each with their own unique features and benefits.
Term life insurance
Term life insurance is a type of life insurance policy that provides coverage for a specified period, or term, of time. The policyholder pays regular premiums for the duration of the term, typically ranging from 1 to 30 years. If the insured person dies during the term, the policy pays out a death benefit to the designated beneficiaries. Term life insurance policies offer a level premium during the term, meaning the premium stays the same throughout the term of the policy. This type of policy is typically less expensive than whole life insurance and is often used to provide coverage during periods when the insured's financial obligations are highest, such as when they have dependents or a mortgage. Once the term expires, the policyholder may choose to renew the policy or let it lapse.
whole life insurance
Whole life insurance is a type of permanent life insurance that provides coverage for the entire life of the insured person, as long as premiums are paid. Unlike term life insurance, which is only in effect for a specified period of time, whole life insurance policies provide coverage until the death of the insured. Whole life insurance policies offer a death benefit to the designated beneficiaries and also include a cash value component that grows over time. The cash value component of the policy accumulates tax-deferred and can be accessed by the policyholder during their lifetime through loans or withdrawals. Whole life insurance policies typically have a higher premium than term life insurance due to the additional cash value component, but can be a valuable option for those looking for lifelong coverage and a savings component.
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Inflation Reduction act and medicare
Significant changes are on the horizon for Medicare Prescription Drug plans in 2025. As the upcoming enrollment period approaches, it's crucial to review your current Medicare Advantage and Prescription Drug plans to understand how these changes may impact you. For detailed information and guidance, please click the 'Learn More' button to access resources from the Centers for Medicare & Medicaid Services (CMS)