I've heard that once you're on Medicare, you might not need life insurance as much. Is that true?

Question

Leslie Helene Sussman · Accepted Answer

This is not true.   Life Insurance is always a good choice.  Many retirees who leave jobs and retire find themselves without Life Insurance.   There are many options for Life Insurance and Retirement planning even at 65 and older.    I would recommend asking your Medicare broker for resources or a Retirement plan review.  

Medicare does NOT cover funeral expenses.

Larry Dalton · Answer

The United States formed Medicare in 1965 to help seniors with their healthcare. Medicare and life insurance serve two different purposes.  Medicare doesn’t replace life insurance, or offer death benefits, or cover expenses after death.  

However, Medicare will pay a lump sum of $255 to help with your barrel arrangements.

Lt Col Tim Brown · Answer

No it’s not true. A person still has final expenses or other expenses that they would want to leave a spouse money for. Or perhaps they just want to leave a gift for certain family members. People get life insurance for two reasons. They either owe somebody or love somebody.

Answered by Lt Col Tim Brown on April 7, 2025

Broker Licensed in TN, AL, CO & 10 other states

Answered by Lt Col Tim Brown Medicare Insurance Agent

Tony Capraro III · Answer

This answer is provided in a video format. Watch the agent's video response here: https://medicareagentshub.com/questions/ive-heard-that-once-youre-on-medicare-you-might-not-need-life-insurance-as-much-is-that-true#tony-capraro

Gary Church · Answer

That's not true! Medicare is a health insurance. If you need Life insurance, meet with a licensed agent to review your needs.

Misty Bolt · Answer

That is very false! Medicare was made to cure you when you are sick. Medicare does not pay for burial or leave a legacy for your family!

Clarence &quot;Mark&quot; Christiansen · Answer

It's really not a true or false issue. The need for life insurance should depend on the purpose of the insurance: to take care of unpaid bills upon your death vs. taking care of a surviving partner or providing a legacy for your heirs. I don't believe that having Medicare should eliminate the need for life insurance.

Answered by Clarence "Mark" Christiansen on April 8, 2025

Agent Licensed in WI, AZ, CA & 16 other states

Answered by Clarence "Mark" Christiansen Medicare Insurance Agent

Andrew Zurbuch, MBA · Answer

No. Original Medicare Part A & Part B has nothing to do with your Life Insurance need. So you can disregard that premise.

Jennifer McDonnell · Answer

The purpose of Life Insurance is to either pay off an obligation at death (like a mortgage) or to help those loved ones who helped you prior to your death.  I would say having some life insurance is beneficial to most everyone.  Think of someone you would like to help financially upon your death.  Remember life insurance is tax deductible to the beneficiary.

Having Medicare does not change the need for Life Insurance

John Stagner · Answer

There is no relationship between the two - one is for your healthcare while you’re alive, the other is a benefit to your loved ones after you pass away.

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!

Kim Kirsch · Answer

Medicare beneficiaries always need life insurance. Medicare is medical insurance and life insurance is not. So, you should retain your life insurance policies if you have them. If you don't, you should seek out at least a final expense plan.

Answered by Kim Kirsch on May 1, 2025

Broker Licensed in FL, AK, AL & 46 other states

Answered by Kim Kirsch Medicare Insurance Agent

Paula Duffy · Answer

Life insurance is not related to Medicare Health Insurance so that statement is false.  I would recommend having both.

Gary Smith · Answer

It's not 100% true that you won't need life insurance once you're on Medicare. Medicare covers a lot of healthcare costs, like hospital stays and doctor visits, but it doesn't replace the financial protection life insurance offers for your loved ones, such as covering debts, funeral expenses, or providing income after you're gone.

Answered by Gary Smith on April 14, 2025

Agent Licensed in MS

Answered by Gary Smith Medicare Insurance Agent

Steven Bleicher · Answer

Life insurance is what you leave your family (money) after you're gone. It puts your family one step ahead of your prior ancestors who may not have had the wherewithal to give their heirs a head start in life. Thus, Medicare helps considerably with your expenses, naturally, but unless you've got nobody to leave your assets to (even your car or furniture), giving to a charity that could use your money and possibly make it the "John Smith Memorial Fund", don't skimp on the great benefits of Medicare coverage. Moreover, when you qualified for the Life Insurance, if you had chosen Whole Life Insurance, there is a bucket of money which is an adjunct to the actual value of your death benefit. The folks who know the value of that "bucket" should be advised that these monies can be withdrawn for YOU to take advantage of, in taking a vacation, buying a brand new car, just fixing your roof to increase your home's value, etc., etc. Call your Life Insurance agent and discover how much $$ is held aside "as an investment"? Consider using that money to pay off all your credit cards, too! This can be a fantastic discovery!

Answered by Steven Bleicher on June 29, 2025

Broker Licensed in AZ

Answered by Steven Bleicher Medicare Insurance Agent

Timothy Brown · Answer

Medicare is a health insurance so I'm not sure where life insurance or the lack thereof has any relevance. Life insurance has a face amount that is payable tax free to a beneficiary upon death. Medicare has no such payout.

Answered by Timothy Brown on April 8, 2025

Broker Licensed in PA, CT, DE & 15 other states

Answered by Timothy Brown Medicare Insurance Agent

Steven Lovell · Answer

Absolutely not true. Medicare covers hospital, doctor and other medically related bills. Life insurance covers your death. Two different insurance plans. Both are needed independently and individually.

Answered by Steven Lovell on May 27, 2025

Broker Licensed in GA, CA, FL & 7 other states

Answered by Steven Lovell Medicare Insurance Agent

George Kolitsas · Answer

Medicare is health insurance while you are living. Life insurance is life insurance for when you pass away, that can possibly come with living benefits. However, two completely different topics.

Janet Cruz · Answer

It depends Medicare and Life Insurance are two separate entities. 

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.

Christie Bondos · Answer

One has nothing to do with the other, Medicare is health the here and now.. Life insurance is for your beneficiaries when you pass away.. More Life Insurance Plans today have riders for Critical Illness, some LTC benefits but they are separate plans. Take care of your health the best you can so your Life insurance beneficiaries won't cash in earlier than expected..

Answered by Christie Bondos on May 26, 2025

Broker Licensed in CT

Answered by Christie Bondos Medicare Insurance Agent

Jason Vallejos · Answer

Life Insurance and Medicare are not directly related.  Life insurance is related to protecting your estate and assets and Medicare is healthcare related.

Matt Vinez · Answer

Life insurance needs change throughout your life. Life insurance purchased to cover lost income might not be needed as much, but the need would remain the same for a life insurance policy designed for estate planning. Additionally, there can be severe disadvantages to cancelling a policy with a cash value attached to it. Finally, while this may be morbid to consider, your children (or other dependents) might simply want to take over premium payments to keep the policy in effect.

Answered by Matt Vinez on July 2, 2025

Broker Licensed in MN, FL, IA & OH, SD, TX & WI

Answered by Matt Vinez Medicare Insurance Agent

Fred Manas · Answer

That's a good question, and it's true that your need for life insurance can change as you get older and especially when you enroll in Medicare. 
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.

Gary Henderson · Answer

0 Medicare does not have any life insurance provisions at all 
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

Steve Brauer · Answer

Medicare and Life Insurance are two completely different types of insurance. Depending on the type, life insurance is usually a fixed-benefit type of product, meaning if you die, you will receive the amount of insurance you set up with your policy. Medicare is more like traditional Health Insurance and covers people for illnesses and injuries. A certain type of Life Insurance can cover people that are looking for Long Term Care, where when a person meets certain requirements, it triggers a daily or monthly payout of a certain amount.

Answered by Steve Brauer on April 13, 2025

Broker Licensed in AZ & CA

Answered by Steve Brauer Medicare Insurance Agent

Carol Thompson · Answer

Medicare is a type of health insurance and is separate from life Insurance. Life insurance is not the same as Medicare insurance.

Jaye Maxx Alexander II · Answer

Medicare has nothing to do with LIFE insurance these are two different silos of the same farm!  If you need to have this explained please  take the time to reach out to me for further explanation

Robert Remin · Answer

Medicare does pay a death benefit so the direct answer per the question is FALSE. Medicare and life insurance are apples and oranges. Both require a consummate professional to to assess the client's situation so an educated decision can be made for each.

Answered by Robert Remin on May 19, 2025

Agent Licensed in NY, CT, FL & NJ

Answered by Robert Remin Medicare Insurance Agent

Michael Kim · Answer

That's not true. Life insurance is something you will have to think about and talk to your agent about.

Adam Ashby · Answer

There are too many personal variables in the question about whether or not you need to continue Life Insurance if you are on Medicare. You have to really focus on why you have Life Insurance in the first place, was it to protect your family from your health expenses or was it to cover other needs? This is not a question you want to take a poll at the nearest Diner, sit down with a licensed professional to discuss your personal reasons for having Life Insurance to determine whether a change is needed.

Answered by Adam Ashby on June 9, 2025

Broker Licensed in CO, NE, UT, WA & WY

Answered by Adam Ashby Medicare Insurance Agent

George Francis · Answer

No, there are no overlapping points provided by the coverage of each. Medicare covers health benefit coverage, while Life Insurance can be used to cover outstanding bills, pay off mortgages, provide an income for beneficiaries and so on.

Answered by George Francis on June 18, 2025

Agent Licensed in LA

Answered by George Francis Medicare Insurance Agent

Curtis Stoner · Answer

Whether you need life insurance has nothing to do with Medicare.  Medicare has no type of death benefit.

Dennis Sullivan · Answer

That is not true. Medicare is a completely separate enity to life insurance. The two have nothing to do with one another.

Andrew Norton · Answer

This is not the case. The need for life insurance depends on your current financial circumstances, family dynamic, and personal preferences. Medicare will cover many health events you may experience, however, it will not provide financial security to your loved ones if you pass prematurely or without adequate financial security.

Answered by Andrew Norton on June 2, 2025

Broker Licensed in PA, CA, CT & 9 other states

Answered by Andrew Norton Medicare Insurance Agent

I've heard that once you're on Medicare, you might not need life insurance as much. Is that true?

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