Adler Insurance Helps Prescott Residents Compare Whole Life and Term Life Insurance

The insurance experts at Adler Insurance understand that life insurance can be confusing. In order to make important decisions about life insurance in Prescott, it’s important to understand what is whole life and term life policies. Life insurance can be a very flexible and powerful financial tool that can meet multiple financial objectives, from providing financial security to building financial assets and leaving a legacy for the future. Deciding whether to purchase whole life or term life insurance is a personal decision that should be based on the financial needs of your beneficiaries, as well as your personal financial goals. Let’s look at some of the main features of term life and whole life.

Term Life Insurance

• Provides death benefits only
• Pays benefits only if you die while the term of the policy is in effect
• Easiest and most affordable life insurance to buy
• Purchased for a specific time period, such as 5, 10, 15, or 30 years, known as a “term”
• Becomes more expensive as you age, especially after age 50
• The term must be renewed if you want coverage to be extended beyond the term length
• Can be converted to whole life insurance

Whole Life Insurance

• Covers you for life
• Provides death benefits
• Cash value accumulation that builds during the life of the policy
• You typically must qualify with a health examination
• May be purchased without a medical exam, but at a higher cost
• Takes 12 to 15 years to build up a decent cash value
• Can be a good choice for estate planning
• Cash value is based on how much the return on investment is worth
• A portion of the cash value can be withdrawn or borrowed during the life of the policy
• Initially has more expensive premiums than term life insurance, but can potentially save you money over the life of the policy if in force for a considerable number of years

There are other factors that will help you determine the type of life insurance policy that is right for you, such as:

• Your current age
• Your health
• Financial needs of your family and the age of your children
• Plans for funeral and death expenses
• Your current financial situation such as mortgage and debts
• Your feelings on potentially paying into a term policy and never receiving any of that value back

With all these things to think about, most people depend on an experienced insurance broker to help them find the right policy for their needs. For Prescott residents, help is as close as Adler Insurance. Call us today at 928-710-1455, or to learn more about the health and life products we can offer, please visit our website at http://www.adlerlifehealth.com.

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Life Insurance in Prescott
Prescott Medicare Options
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Adler Insurance Helps Prescott Seniors Understand Medicare Part D

Part D is the section of medical coverage for seniors that covers prescription drugs. Medicare patients are generally less informed about their Medicare Part D plan options than they let on. In fact researchers found that almost 2/3 of respondents claimed their understanding of Medicare was “not much at all” or “not at all”. Adler Insurance, your independent Medicare broker in Prescott, understands that the ins and outs of Medicare can be baffling and that’s why we’re here to help Prescott seniors understand their options, not only on part D, but all Medicare coverages.

If you have a Medicare Advantage Plan, most of them cover Parts A, B and D - You get all of your Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) coverage, and prescription drug coverage (Part D), through these plans. Medicare Advantage Plans with prescription drug coverage are sometimes called “MA-PDs.”

Medicare Prescription Drug Plan (Part D) (sometimes called "PDPs") add drug coverage to Original Medicare, some Medicare Cost Plans, some Medicare Private Fee-for-Service (PFFS) Plans, and Medicare Medical Savings Account (MSA) Plans.

One major reason it is important to compare Medicare plans is the constantly changing formularies. Medicare plans update their formularies, drug costs and reimbursements every two weeks. Usually these changes are not too drastic, but over a full year, small changes in pricing or coverage could cause immense differences in costs for an individual. You may find that a drug that had a $10 co-pay last year, may have a much larger co-pay this year, or maybe it’s not even covered any longer by your current Medicare coverage.

Each year during Open Enrollment, everyone who is Medicare eligible has the opportunity to make changes to their plans. Outside of the Open Enrollment period, there are other situations that may allow you to make changes to your Medicare plan, such as:

• 90 days before or after turning 65
• Moving to another State or even County

If you would like some help in understanding the wide range of choices available to you for Part D, or any Medicare coverage in Prescott, why not give the experts at Adler Insurance a call at 928-710-1455. To learn more about our services, please check out our website at http://www.adlerlifehealth.com.


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Prescott Medicare Specialist
Medicare Supplements in Prescott
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