Whole life insurance provides lifelong coverage with fixed premiums, guaranteeing a payout (death benefit) to beneficiaries whenever you die, as long as premiums are paid. A portion of each payment builds a tax-deferred cash value that grows over time, which you can borrow against, take as a loan, or use to supplement retirement income. It combines guaranteed protection with a savings/investment feature, unlike temporary term life insurance.
A health insurance waiting period is a set time after you enroll before some or all benefits kick in, designed to protect insurers from immediate high claims and keep premiums affordable, with common types including an initial 30-90 day general waiting period, longer waits (1-4 years) for pre-existing conditions (like diabetes, hypertension), and specific waits for major procedures (maternity, dental, joint replacements). It's crucial to check your policy for exact durations, as waiting periods vary by insurer, plan, and condition, but accidents are usually covered from day one.
The Medicare
Annual Enrollment Period (AEP) (also known as the Open Enrollment
Period) is from October 15 to December 7 each year. During this time,
anyone with Medicare can join, drop, or switch their Medicare Advantage
Plan (Part C) or Prescription Drug Plan (Part D). Any changes
you make will become effective on January 1 of the following year.
Final expense insurance, also known as burial insurance or
funeral insurance, is a type of whole life insurance, designed
to cover end-of-life expenses. These expenses can include funeral costs,
medical bills, and other debts, providing a financial safety net for loved ones
after a person's passing.
