For the nation’s older residents, the stakes can’t be higher when it comes to choosing health-care coverage.
That’s partly because under Medicare — you’re eligible at age 65 — changing plans can be challenging in some circumstances and costly if you get your choices wrong. So whether you’re giving your coverage an annual checkup during open enrollment (Oct. 15 through Dec. 7) or signing up for the first time, financial advisors say there are some key considerations to factor into your decision-making.
Be ready for sticker shock with COBRA, but ACA has a special enrollment period for people who have lost their jobs
The number of Americans filing for unemployment benefits is staggering. Sadly, these people have not only lost jobs and income but also their health insurance. If you’re among them or will be soon, I’d like to offer my sincere condolences and advice on how to get health insurance after a job loss.
If you’re in the market for life insurance, there are plenty of options available. And if you’re looking for a policy that offers lifelong coverage, one option worth considering is universal life insurance.
With universal life insurance, you can receive lifelong coverage. The life insurance payout, called a death benefit, is paid to your beneficiaries tax-free. Some universal life policies also build cash value, with gains growing tax-free. Universal life policies build cash value, with gains growing tax-free. And there may be flexibility to adjust your premium payments and death benefit, depending on the policy.
Low yields have important implications for retirement strategies. One example is the decision of when to purchase an annuity. Despite the fact that interest in guaranteed income has risen, demand has declined significantly since the onset of the pandemic.
The coronavirus pandemic has many of us thinking about worst case scenarios. It's only natural that people are considering whether, in the event of their absence, their loved ones would be financially protected. If you’re reading this, you’ve probably given it some thought yourself.
"Americans are living longer, but not healthier lives," Mark Williams, CEO of Brokers International, told Business Insider.
Williams noted that industry experts say 50% of Americans will need some type of assistance in retirement. "If you wait until you start thinking about retirement, you risk your health" and the chance that coverage costs could increase, he said.
Life insurance is an important tool to protect your loved ones financially if you die before financial goals are met.
An ethical, competent insurance agent doesn’t want you “worth more dead than alive” or want your budget so consumed with insurance payments that you can’t meet your financial goals. Knowing what life insurance you need can help your agent meet that need.
Not all insurance policies are boring!
Since the insurance industry can be a little dry, here are 13 interesting insurance facts you probably didn’t know.
One of the biggest challenges in retirement is building a reliable stream of monthly income to support you for what could be a very long time. While retirees have long relied on bonds for this purpose, a retirement income expert recently told Money that there’s a better solution: income annuities.
Saving for retirement is Americans’ biggest financial worry, according to a survey by Bankrate.com. Younger Baby Boomers, those between the ages of 54 and 63, and Gen Xers, those between the ages of 38 and 53, are the most stressed about retirement, with 25% and 22% of these demographic groups, respectively, saying so.