Medicare Advantage is a Medicare-approved plan from a private company that offers an alternative to Original Medicare for your health and drug coverage. These “bundled” plans include Part A, Part B, and usually Part D. • In most cases, you can only use doctors who are in the plan’s network.

Original Medicare pays for much, but not all, of the cost for covered health care services and supplies. A Medicare Supplement Insurance (Medigap) policy can help pay some of the remaining health care costs, like: Copayments. Coinsurance. Deductibles.

A term life policy is a contract between you and an insurance company for a defined period, typically between 10 and 30 years. During that term, you promise to pay a premium each month. In return, the company promises to pay a specific amount of money – a death benefit – if you pass away during the term.

Universal life insurance is a type of cash value life insurance, sold primarily in the United States. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.

Whole life insurance is a type of permanent life insurance, which means the insured person is covered for the duration of their life as long as premiums are paid on time.

An immediate annuity is the most basic type of annuity. You make one lump-sum contribution. It’s converted into an ongoing, guaranteed stream of income for a specified period of time (as few as five years) or for a lifetime. Withdrawals may begin within a year.

An immediate variable annuity is an insurance product for which an individual pays a lump sum upfront and receives payments right away. The payments from an immediate variable annuity continue for the lifetime of the annuity holder, but the amounts fluctuate based on the underlying portfolio’s performance.

Fixed-period annuities, also known as term deferred annuities, are a type of annuity that is paid out over a certain period of time. For example, it might pay out over the course of 10 or 20 years. If you unexpectedly pass away during the payment term, you can have payments continue to a beneficiary.

A deferred variable annuity is an investment product that allows you to invest in various assets, including stocks, bonds, and mutual funds. The money you invest grows tax-deferred, so you don’t have to pay taxes on the growth until you withdraw the money. Withdrawals are typically taxed as ordinary income.