Be careful about paying for term life insurance after the initial term of the policy ends.

Term after the term

Be careful about paying for term life insurance after the initial term of the policy ends. A 20 year term life policy typically has a 20 year guaranteed cost. The cost of the policy starts going up every year after the initial term period, starting gradually. After a few years the yearly cost increase is not gradual.

All life insurance plans should be reviewed every few years to determine appropriateness. Also Your needs may have changed.

 

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Turning 65, Medicare Parts A & B; Part D

Turning  65

When that magic age of 65 comes along many people are confused about what to do, Or what choices  are available to them.

Some questions to ask are:

  1. When and where do I sign up for Medicare? Parts A & B? It can be done online, Over the phone or in person..
  2. Do I need to sign up for Medicare part B, the doctor part, which has a monthly cost and  is that cost based on income ?
  3. Do I have the option of staying on my group medical plan, and should I? If so, do I need to pay for Part B of Medicare? What Part D drug plan do I need if any? And is the cost of this plan is also based on income?

Should I consider buying out Long Term Care Insurance? What happens to my other company benefits at this crossroads?

The above issues need to be discussed well in advance of turning 65 with someone knowledgeable on these issues, as the proper answers might save thousands of dollars.

For more   information, call us:

Local: 410-484-2544  or, Toll-Free: 1-800-345-2910

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