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As you approach retirement, understanding your Medicare options becomes essential to protecting your health and your budget. At Velion Group, we specialize in helping seniors and those eligible for Medicare find the right coverage to match their medical needs and financial goals.
Medicare is a federal health insurance program for people aged 65 and older, as well as certain individuals under 65 with qualifying disabilities. While Original Medicare (Parts A and B) provides basic hospital and medical coverage, many people choose to enhance their coverage through additional Medicare options.
The Initial Enrollment Period (IEP) starts three months before your 65th birthday and continues for seven months. Missing this window can lead to penalties or delays in coverage. Velion Group helps ensure you enroll on time and avoid costly mistakes.
With the right Medicare plan, you can enjoy retirement with the coverage you need and the peace of mind you deserve. Let Velion Group help you navigate the options, avoid coverage gaps, and make empowered decisions about your healthcare future.
Contact us today to schedule a free Medicare consultation with one of our licensed agents.
Term life insurance lasts for a specified number of years and then ends. You choose the term when you take out the policy, with common terms being 10, 20, or 30 years. The best-term life insurance policies balance affordability with long-term financial strength.
Types of Term Life Insurance:Term life insurance is attractive to young people with children because parents can obtain large amounts of coverage at reasonably low costs. Upon the death of a parent, a significant benefit can replace lost income.
These policies are also well-suited for people who temporarily need specific amounts of life insurance. For example, the policyholder may calculate that by the time the policy expires, their survivors will no longer need extra financial protection or will have accumulated enough liquid assets to self-insure.
Term life insurance is for a predetermined period, typically between 10 and 30 years. Term policies may be renewed after they end, with premiums recalculated based on the holder’s age, life expectancy, and health. By contrast, whole life insurance covers the entire life of the holder. Unlike a term life policy, whole life insurance includes a savings component, where the cash value of the contract accumulates for the holder. The holder can withdraw or borrow against the savings portion of their policy, where it can serve as a source of equity.
Whole life insurance, also known as traditional life insurance, provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate. Interest accrues at a fixed rate and on a tax-deferred basis.
Whole life insurance policies are one type of permanent life insurance. Universal life, indexed universal life, and variable universal life are others. Whole life insurance is the original life insurance policy, but it does not equal permanent life insurance as there are many types of permanent life insurance.
Universal life insurance and whole life insurance are both permanent life insurance types that offer guaranteed death benefits for the life of the insured. However, a universal life policy allows the policyholder to adjust the death benefit as well as the premiums. As one might expect, higher death benefits require higher premiums. Universal life policyholders can also use their accumulated cash value to pay premiums, provided the balance is sufficient to cover the minimum due. Whole life insurance, alternatively, does not allow for changes to the death benefit or premiums, which are set upon issue.
Universal life (UL) insurance is permanent life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums similar to those of term life insurance. Most UL insurance policies contain a flexible-premium option. However, some require a single premium (single lump-sum payment) or fixed premiums (scheduled fixed payments).
Unlike term life, UL insurance policies can accumulate interest-bearing funds like a savings account. Additionally, policyholders can adjust their premiums and death benefits. Those paying extra toward their premium receive interest on that excess.
If you want to build tax-deferred savings and don’t expect to tap into the funds for a long time, universal life may be a suitable option. The cash value option that’s part of a universal life policy may be available for you to withdraw or borrow against in an emergency.
It’s a good idea to talk with your insurance provider to better understand your life insurance options. They can help you review your personal situation and long-term goals to choose a policy that’s a good fit for you and your family.
At Velion Group, we know that no two individuals or families are alike—your health insurance should reflect that. Our goal is to make quality healthcare accessible and affordable for everyone, whether you’re a young professional, a growing family, or approaching retirement.
Health insurance is more than just a safety net. It provides you with access to regular checkups, preventive services, emergency care, and treatment for chronic conditions—all while protecting you from the financial burden of high medical bills. With the right plan, you can stay healthy, catch potential issues early, and receive treatment when you need it most.
Velion Group partners with top-rated insurance providers, giving you access to large provider networks and quality care across the country. Plus, our licensed insurance advisors are available to walk you through your options, answer questions, and help with enrollment—every step of the way.
Choosing the right health insurance can feel overwhelming, but it doesn’t have to be. Our team is here to simplify the process, explain your coverage options in plain language, and match you with a plan that fits your health needs and financial goals.
Ready to get started? Contact Velion Group today for a free consultation and take the first step toward confident coverage and peace of mind.