Life insurance is a financial tool designed to provide financial protection to your loved ones in the event of your death. It can help cover expenses like funeral costs, outstanding debts, and replace lost income to support your family.

There are several types, including term life insurance, whole life insurance, universal life insurance, and variable life insurance. Each type has its own features and benefits.

The amount of coverage you need depends on factors such as your income, debts, lifestyle, and future financial obligations like college tuition or mortgage payments.

Medicare is a federal health insurance program primarily for people aged 65 and older. It also covers certain younger individuals with disabilities and those with end-stage renal disease.

Medicare has different parts that cover hospital insurance (Part A), medical insurance (Part B), and prescription drug coverage (Part D). Some plans also offer additional coverage, like Medicare Advantage (Part C) plans.

Many people choose to supplement their Medicare coverage with additional policies known as Medigap plans or Medicare Advantage plans to help cover expenses like copayments, coinsurance, and deductibles.

Initial enrollment typically starts three months before you turn 65 and extends for seven months after. If you miss this initial enrollment period, you may face penalties or delays in coverage, so it's essential to enroll on time.

Costs can vary depending on factors like your income, the specific parts of Medicare you enroll in, and any additional coverage you choose. Generally, there are premiums, deductibles, copayments, and coinsurance.

Yes, you can make changes during certain enrollment periods, such as the annual open enrollment period or special enrollment periods triggered by specific life events, like moving or losing other coverage.

If you have health coverage through your employer or union, you may be able to delay enrolling in Medicare Part B without facing penalties. However, it's essential to understand your options and potential consequences.