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The primary reason to own life insurance is so that your beneficiary(ies) can receive a monetary payout — called the “death benefit” — if you pass away while you are covered under the policy.
How much life insurance coverage you purchase is up to you. You can purchase an amount of coverage to correspond with what you’d like the death benefit to be used for — to pay for your final expenses, make up for the loss of your income so your family can cover their living expenses, finance care for a dependent with special needs, pay off debts or pay for your kids’ college tuition.
A practical reason to purchase life insurance while you’re young is because it is usually less expensive when you are young and healthy. Life insurance will only become more expensive as you age, so it may not pay to wait.
There may be good reasons for both spouses to have life insurance coverage.
If your household is being supported by two salaries, the death of one spouse may cause financial hardship for the other, adding to the emotional pain.
If you have a family, this financial stress can seem even more overwhelming. If your spouse is not employed now, they may need to start working if you die. And they will probably encounter new expenses as they learn to manage as a single parent — such as child care and household maintenance.
Life insurance can provide immediate stability in the short run, and make things like paying for kids’ college education possible in the long run.
While the amount of life insurance you need depends on many factors, chances are very good that you need more than the amount of coverage you may receive automatically through your employer, which is often equal to your annual salary.
If you are young and without dependents, coverage equal to one year’s salary may be enough to cover your funeral costs and some of your debts.
However, if you’re middle-aged with a family that depends on your income to maintain their lifestyle, you’ll likely need much more coverage.
Sure! You can have multiple policies from multiple sources.
For example, although you may automatically receive life insurance coverage from your employer, you may decide you need more coverage.
In that case, you may choose to enroll for more coverage through your employer’s plan and pay the premiums through payroll deduction. Or you can choose to purchase a policy through your bank, credit union, financial professional or insurance agent.
In the event of your death, both policies would then pay a death benefit to your beneficiaries.
Frequently Asked Questions
If you’re enrolling for coverage at work, your employer chooses the insurance company for you.
If you’re working with a financial professional or insurance agent, they may sell life insurance from multiple insurance companies, or just one if they’re affiliated with a specific insurance company.
If your employer offers life insurance, you can typically enroll as a new employee and be approved automatically, without having to go through what insurance companies call “medical underwriting” or “evidence of insurability.”
If you are applying for life insurance on your own or after your initial enrollment for benefits through your employer, the application process usually consists of the following steps:
You complete an application
The insurance company may ask you to complete a health questionnaire
You may be asked to complete a physical exam
The insurance company informs you if your application for coverage is accepted or declined
The length of the process can range from two weeks to three months, depending on how much coverage you’ve chosen, your health history and how you applied for coverage.
Underwriting is the process insurance companies use to determine whether they can insure an applicant, at what amount and at what cost to the insured person.
The underwriting for coverage you enroll in at work is typically faster and less rigorous than if you are buying coverage individually from another source.
Since no two people are the same, underwriters analyze the risk factors unique to each applicant, which may include age, gender, current health, medical history, occupation, lifestyle habits and more.
If the insurance company feels you present a greater risk — for example, if you are in poor health, have a dangerous occupation or are elderly — you may pay more for life insurance than a young, healthy individual — or be declined coverage entirely.
One of the benefits of having life insurance through your employer is that a physical exam is not always required.
Employer plans typically offer guaranteed coverage of some kind, either in the form of coverage they provide for you automatically, or coverage you can select when you’re first eligible for benefits as a new employee.
After that initial period, it is common to complete a health questionnaire or medical exam when you enroll for coverage at work.
If you’re purchasing an individual life insurance policy through a financial professional or insurance agent, or on your own, you may be required to have a physical exam before you are insured.
In both cases, an exam is usually done in your home by a nurse, technician or paramedic, who will ask some questions about your medical history, take your vital readings, and take blood and urine samples.
The insurance company may also request medical records from your physician or other healthcare providers to evaluate your level of risk.
If you know that you are the beneficiary on the life insurance policy of someone who has passed away, you will need to submit a claim before you can receive the death benefit.
To submit a claim, contact the insured person’s life insurance company to notify them of the death. The company will provide a claim form that must be completed by the beneficiary named in the policy. The form must then be submitted with a certified death certificate.
It typically takes a few days to a few weeks to receive a check for the death benefit on a life insurance policy once you have submitted the claim, and many insurance companies now offer direct deposit/EFT for claim payments.
The life insurance application process
Medicare is available for people who are 65 years or older, people under 65 with certain disabilities, and people of any age with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant).
Medicare covers a range of health services, including hospital care, doctors' services, outpatient care, medical supplies, and prescription drugs.
The cost of Medicare varies depending on the type of coverage you have and your individual circumstances. Most people pay a monthly premium for Part B coverage, and some may also have to pay a premium for Part A coverage if they did not pay enough into the system during their working years. Out-of-pocket costs such as deductibles, copayments, and coinsurance also apply.
It depends on the doctor's participation in the Medicare program. You can ask your doctor if they participate in Medicare, or you can use the "Doctor and Hospital Finder" tool on the Medicare website to find providers who participate in Medicare.
You can enroll in Medicare during your initial enrollment period, which begins three months before your 65th birthday and ends three months after your 65th birthday. You can also enroll during the annual open enrollment period, which runs from October 15 to December 7 each year.
Yes, you can enroll in Medicare even if you are still working. If you are covered by a group health plan through an employer with 20 or more employees, you may want to delay enrolling in Part B until your employment and group health plan coverage ends.
Yes, you can enroll in a Medicare Advantage plan instead of Original Medicare. Medicare Advantage plans are private health plans that contract with Medicare to provide all of your Part A and Part B benefits.
MEDICARE Frequently Asked Questions