In today’s conversation, I had the pleasure of speaking with Diana Scothorn, the founder of The Benefit Link. We dive into the significant benefits of securing both Medicare supplement and life insurance policies simultaneously.
The Biggest Benefit: Peace of Mind
Diana highlighted the primary advantage of obtaining both policies together: getting everything taken care of at once. Many people prioritize securing their Medicare supplement first, often delaying the life insurance component. However, this delay can lead to complications, such as disqualification due to health changes or higher costs due to age.
Understanding the Risks of Delaying Life Insurance
People often wait to purchase life insurance until after securing their Medicare supplement, but this approach can be risky. Diana shared numerous instances where individuals regretted their decision to delay, facing increased premiums or even disqualification. “I can’t tell you how many times I’ve talked to people and five years down the line, they’re shocked at how much the cost has increased,” she explained. Certain companies offer Medicare supplements combined with whole life insurance, providing discounted rates for those in preferred health. This combination often results in better premiums and offers added benefits such as cash value accumulation.
Living and Death Benefits
Whole life insurance policies provide both living and death benefits. Whole life insurance builds cash value over time. This can be a valuable asset, offering financial support in various circumstances. Diana shared an example of a client who benefited from the immediate payout of a life insurance policy after only having it for a short amount of time, which provided essential financial relief during a difficult time.
The Importance of Timely Planning
As Diana pointed out, “the best time to do anything is when you can qualify.” Health conditions and age play significant roles in the cost and availability of life insurance. She shared her personal experience of being unable to qualify for a new policy due to a recent health issue, despite being in excellent health prior.
Securing both Medicare Supplement and Life insurance policies is a prudent decision, providing comprehensive coverage and peace of mind. As Diana simply put, “It’s a solid investment where you know it’s there, it’s going to pay on day one, and it provides valuable protection for you and your loved ones.”
For more information on how to secure these essential policies, contact The Benefit Link today. It’s never too early to start planning for a secure future.
To hear more from Diana Scothorn, check out our new video! ⬇️⬇️⬇️
