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

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.

Answered by Leslie Helene Sussman on April 30, 2025

Broker Licensed in NJ, FL & PA

Answered by Leslie Helene Sussman Medicare Insurance Agent
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.

Answered by Larry Dalton on April 19, 2025

Broker Licensed in OK & TX

Answered by Larry Dalton Medicare Insurance Agent
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

Answered by Tony Capraro III on May 29, 2025

Agent Licensed in NH & ME

Answered by Tony Capraro III Medicare Insurance Agent
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
That's not true! Medicare is a health insurance. If you need Life insurance, meet with a licensed agent to review your needs.

Answered by Gary Church on May 21, 2025

Broker Licensed in Ca, AZ, NV & TX

Answered by Gary Church Medicare Insurance Agent
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!

Answered by Misty Bolt on May 26, 2025

Agent Licensed in TN, AL, AR & 45 other states

Answered by Misty Bolt Medicare Insurance Agent
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

Answered by Jennifer McDonnell on May 26, 2025

Broker Licensed in MI, AZ, CA & 10 other states

Answered by Jennifer McDonnell Medicare Insurance Agent
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!

Answered by John Stagner on April 13, 2025

Broker Licensed in MO & TX

Answered by John Stagner Medicare Insurance Agent
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
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
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
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
That's not true. Life insurance is something you will have to think about and talk to your agent about.

Answered by Michael Kim on June 2, 2025

Agent Licensed in NV, AR, AZ & 18 other states

Answered by Michael Kim Medicare Insurance Agent
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.

Answered by George Kolitsas on April 7, 2025

Broker Licensed in CT

Answered by George Kolitsas Medicare Insurance Agent
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
Life Insurance and Medicare are not directly related. Life insurance is related to protecting your estate and assets and Medicare is healthcare related.

Answered by Jason Vallejos on June 2, 2025

Broker Licensed in CA, AZ, CO & 11 other states

Answered by Jason Vallejos Medicare Insurance Agent
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.

Answered by Janet Cruz on June 2, 2025

Broker Licensed in FL

Answered by Janet Cruz Medicare Insurance Agent
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.

Answered by Fred Manas on May 14, 2025

Agent Licensed in NY, CT, DC & 7 other states

Answered by Fred Manas Medicare Insurance Agent
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
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

Answered by Gary Henderson on April 19, 2025

Agent Licensed in TX, AK, AL & 46 other states

Answered by Gary Henderson Medicare Insurance Agent
Medicare is a type of health insurance and is separate from life Insurance. Life insurance is not the same as Medicare insurance.

Answered by Carol Thompson on May 24, 2025

Broker Licensed in FL, LA, MI & NC, SC, VA & WI

Answered by Carol Thompson Medicare Insurance Agent
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

Answered by Jaye Maxx Alexander II on April 30, 2025

Broker Licensed in NC, AK, AL & 47 other states

Answered by Jaye Maxx Alexander II Medicare Insurance Agent
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
Whether you need life insurance has nothing to do with Medicare. Medicare has no type of death benefit.

Answered by Curtis Stoner on May 9, 2025

Broker Licensed in TN, KY & LA

Answered by Curtis Stoner Medicare Insurance Agent
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

Tags: Advice for Seniors Life Insurance

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