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Understanding Social Security Benefits- Analysis of Life Insurance Disability Income Medicare and Retirement Income

Understanding Social Security Benefits- Analysis of Life Insurance Disability Income Medicare and Retirement Income

  Social Security benefit
1. Life insurance -Life insurance is a legal agreement between an individual and an insurance company.

– Life insurance requires an insurance company to pay a sum of cash to a particular beneficiary when the insured dies

– Term life policy is an insurance policy that expires after a certain period

-While permanent life policy is an insurance policy that remains active until the insured dies

– The beneficiaries can use life insurance benefits to pay off the deceased debts

– Life insurance benefits are income tax-free

2. Disability Income -Disability income (DI) is an insurance cover that protects people from financial losses in case of an accident that incapacitates the individual

-DI insurance is offered through employers, Social Security, or insurance companies

-DI premiums are based on factors such as age and occupation

-DI insurance does not guarantee 100% of your regular income

-There are two types of disability income; Short-Term and long-term


3. Medicare – Medicare is a health insurance program that pays a  number of healthcare expenses

– Medicare beneficiaries are often senior citizens aged 65 and above

– Medicare programs are often referred to as Part A, Part B, Part C, and Part D

– Part A  covers inpatient hospital care

– Medicare Part B covers non-hospital medical expenses such as doctor’s office visits, blood tests, X-rays, and diabetic screenings

– Part C Medicare includes every type of Medicare coverage in one health plan

-Part D- covers prescription drug coverage.

4. Retirement income – A retirement income is a stream of income from your super savings

– Retirees receive a regular income paid into their bank account

– Payments from retirement income are free of tax

– The more money is withdrawn, the less that will be available in the future

– Examples of retirement income are; social security benefits, benefits from annuities, retirement or profit-sharing plans, and insurance contracts,


Life insurance is a contract between an individual and an insurance company stating that the company will pay a specific amount of money to the insured’s loved ones when the insured dies. Life insurance is meant to cushion the family or the dependence of the insured against family expenses when the insured is already gone (Hubbard, 2021). There are two types of life insurance; term insurance policy and permanent life insurance. Term insurance policy expires at a particular period agreed upon by the parties, while the permanent insurance policy is valid until the insured dies (Bondy, 2019). The insured pays a specific premium every month to discharge the contract. Disability income is an insurance policy that people take to protect themselves in case they get incapacitated. The disability income helps the incapacitated individuals to continue receiving a stream of income to sustain them while they cannot work. The two major factors determining the amount of premium one can pay in a disability income are an individual’s age and occupation (, 2021). If an individual’s age is advanced and his occupation is risky, they will have to pay higher premiums because of their high chances of incapacitation due to accidents.

Medicare is a form of federal health insurance program responsible for paying for various kinds of health care expenses. The beneficiaries of the Medicare insurance programs are often retirees. The Medicare insurance program has four parts A-D (Maria, 2021). Under these parts, are inpatient hospital care and non-hospital medical expenses. On the other hand, retirement income is the monthly income a retiree gets on the super-savings he makes while working. Retirees receive this income to sustain themselves in their retirement life. Thus, it is meant to make the life of retirees comfortable (, 2021). If the retiree dies, the loved ones are entitled to these retirement benefits to pay the family debts.

Both life insurance and retirement income can benefit the family of the insurer and retiree when he dies. The family members have a right to claim these benefits if the insurer dies. Retirement income differs from the three because it is not an insurance policy but rather a savings plan. Life insurance, disability income, and Medicare are insurance policies covering different aspects of the injured. Medicare and disability income are geared towards offsetting healthcare expenses (Maria, 2021). These two aim to cushion the victims from the high medical costs. One common thing about these four social security benefits is that one can start investing early enough in life, way before the retirement age approaches.


Hubbard, A. (2021). Life insurance facts and statistics 2021. Retrieved from

Bondy, C. (2019). 8 Facts About Life Insurance You 100% Need To Know. Retrieved from

Louwerse, I et al., (2018). Characteristics of individuals receiving disability benefits in the Netherlands and predictors of leaving the disability benefit scheme: a retrospective cohort study with five-year follow-up. BMC Public Health volume 18, Article number: 157

Maria, B. (2021). What is Medicare – Essential Medicare Facts You Should Know. Retrieved from (2009). Overview of Medicare Parts A-D. Journal of Oncology Practice, 5(2), 86–90. (2021). Disability Benefits. (2021). Learn About Retirement Benefits. Retrieved from


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In this assignment, you will be analyzing the following Social Security benefits:

life insurance
disability income
retirement income
To begin, create a table of facts and figures that you have developed showing important information about these benefits. Refer to your table in the text of your essay. Respond to the following:

Provide an overview of the Social Security benefits listed above.

Understanding Social Security Benefits- Analysis of Life Insurance Disability Income Medicare and Retirement Income

Understanding Social Security Benefits- Analysis of Life Insurance Disability Income Medicare and Retirement Income

Compare and contrast the four benefits.

Did it help you to present some of the information for this SLP assignment in table form? Why or why not?

Use at least 3 library sources and/or module materials to augment the Sanicola (2011) source.

Your submission should be 2 pages in addition to the page with the table, your cover page, and your Reference page. Provide enough discussion/detail to make this assignment informative to you and to your reader.

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