Question 1

What is the difference between term and whole life insurance?

Accepted Answer

Term life insurance provides coverage for a set period (10-30 years) at a lower premium. Whole life insurance provides lifetime coverage with a cash value component, but premiums are 5-15x higher. Most financial advisors recommend term life for pure death benefit protection.

Question 2

How much does Medicare cost in 2025?

Accepted Answer

Medicare Part A is free for most people. Part B has a standard premium of $185/month in 2025. Medicare Advantage plans often have $0 additional premium. Medigap supplements cost $80-300+/month depending on plan type and your location.

Question 3

What is the 401k contribution limit for 2025?

Accepted Answer

The 401k contribution limit for 2025 is $23,500 for those under 50. Workers 50-59 and 64+ can contribute an extra $7,500 (catch-up), for $31,000 total. The new SECURE 2.0 super catch-up for ages 60-63 allows an extra $11,250.

Question 4

At what age should I buy long-term care insurance?

Accepted Answer

Most financial planners recommend buying long-term care insurance between ages 50-60. Premiums are lowest when you're younger and healthy. After 65, premiums increase significantly and you may have health conditions that affect eligibility.

Question 5

What does an annuity pay when you die?

Accepted Answer

It depends on the annuity type. Deferred annuities typically pay the account value or death benefit to beneficiaries. Income annuities (SPIAs) may stop paying at death or continue to a spouse under joint-life options. You should always review death benefit provisions before purchasing.

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