I've heard that once you're on Medicare, you might not need life insurance as much. Is that true?
Answered by 26 licensed agents
Medicare does NOT cover funeral expenses.
Answered by Leslie Helene Sussman on April 30, 2025
Broker Licensed in NJ, FL & PA
However, Medicare will pay a lump sum of $255 to help with your barrel arrangements.
Answered by Larry Dalton on April 19, 2025
Broker Licensed in OK & TX
Answered by Lt Col Tim Brown on April 7, 2025
Broker Licensed in TN, AL, CO & 10 other states
Answered by Tony Capraro III on May 29, 2025
Agent Licensed in NH & ME
Answered by Clarence "Mark" Christiansen on April 8, 2025
Agent Licensed in WI, AZ, CA & 16 other states
Answered by Gary Church on May 21, 2025
Broker Licensed in Ca, AZ, NV & TX
Answered by Misty Bolt on May 26, 2025
Agent Licensed in TN, AL, AR & 45 other states
Having Medicare does not change the need for Life Insurance
Answered by Jennifer McDonnell on May 26, 2025
Broker Licensed in MI, AZ, CA & 10 other states
Medicare does not provide any type of death benefit. Social Security does provide a $255 death benefit, but that doesn’t go far toward the cost of a funeral!
Answered by John Stagner on April 13, 2025
Broker Licensed in MO & TX
Answered by Kim Kirsch on May 1, 2025
Broker Licensed in FL, AK, AL & 46 other states
Answered by Gary Smith on April 14, 2025
Agent Licensed in MS
Answered by Timothy Brown on April 8, 2025
Broker Licensed in PA, CT, DE & 15 other states
Answered by Steven Lovell on May 27, 2025
Broker Licensed in GA, CA, FL & 7 other states
Answered by Michael Kim on June 2, 2025
Agent Licensed in NV, AR, AZ & 18 other states
Answered by George Kolitsas on April 7, 2025
Broker Licensed in CT
Answered by Christie Bondos on May 26, 2025
Broker Licensed in CT
Answered by Jason Vallejos on June 2, 2025
Broker Licensed in CA, AZ, CO & 11 other states
Medicare covers:
Hospital Stays Part A
Medical Services Part B
Prescription Drugs Part D
Some preventive and outpatient care.
It does not provide Life Insurance.
Life Insurance provides a death benefit to your beneficiaries after you die.
Funeral/ Burial Expenses
Debts
Final Medical Bills
Estate Taxes
Bottom Line, Medicare doesn’t replace life insurance. You might want to have a small policy if you don’t want your loved ones burdened with final expenses or if you want to leave something behind.
Answered by Janet Cruz on June 2, 2025
Broker Licensed in FL
Here's a breakdown of why:
1. Medicare and Health Coverage:
Medicare primarily covers health insurance for seniors and those with disabilities, including hospital stays, doctor visits, and prescription drugs.
It can significantly reduce your out-of-pocket medical expenses, which may be a major concern before Medicare eligibility.
However, Medicare does NOT cover life insurance or provide death benefits.
2. Life Insurance and Financial Security:
Life insurance provides a financial safety net for your beneficiaries (spouse, children, etc.) upon your death.
It can help replace lost income, cover funeral expenses, pay off debts, and provide financial security for your loved ones.
3. How Medicare Impacts Life Insurance Needs:
Reduced need for income replacement: If you're retired and no longer have dependents relying on your income, your need for a large life insurance policy might decrease.
Medicare helps with healthcare costs: Medicare can reduce the financial burden of medical expenses, potentially decreasing the amount of life insurance needed to cover those costs.
Ongoing financial obligations still matter: You may still want life insurance to cover:
Outstanding debts like a mortgage or loans.
Final expenses such as funeral costs, which Medicare doesn't cover.
Leaving an inheritance or legacy for your family.
In conclusion:
While Medicare can address many healthcare costs, it doesn't replace the financial security life insurance offers.
Whether or not you still need life insurance after enrolling in Medicare depends on your individual circumstances, financial situation, and goals for your loved ones.
It's wise to re-evaluate your life insurance needs with a financial advisor when you approach retirement and Medicare eligibility to ensure you have the right amount of coverage.
Answered by Fred Manas on May 14, 2025
Agent Licensed in NY, CT, DC & 7 other states
Answered by Steve Brauer on April 13, 2025
Broker Licensed in AZ & CA
You can purchase individual life insurance. Of course you need to be healthy enough. You can be denied coverage for serious health issues
It is best to get life insurance while you're young and healthy. So if that is not you and you have children tell them to do that often people use the life insurance provided by their jobs. Then they retire and they ignore the offer to pick up the life insurance that they had at work and they're too ill to qualify for it later and are denied
Answered by Gary Henderson on April 19, 2025
Agent Licensed in TX, AK, AL & 46 other states
Answered by Carol Thompson on May 24, 2025
Broker Licensed in FL, LA, MI & NC, SC, VA & WI
Answered by Jaye Maxx Alexander II on April 30, 2025
Broker Licensed in NC, AK, AL & 47 other states
Answered by Robert Remin on May 19, 2025
Agent Licensed in NY, CT, FL & NJ
Answered by Curtis Stoner on May 9, 2025
Broker Licensed in TN, KY & LA
Answered by Andrew Norton on June 2, 2025
Broker Licensed in PA, CA, CT & 9 other states
Tags: Advice for Seniors Life Insurance
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