Best Life Insurance Companies in Macon

FAQs

• What will happen to the cash value of life insurance policyholders in Macon when they die?

  When a policyholder in Macon dies, their life insurance agency will only pay the stated death benefit to beneficiaries, no matter how much cash value remains on the policy before they die. Thus, the beneficiary could receive less than the policy's face value. However, several whole-life policies can provide both cash value and death benefits to the beneficiaries when the policyholder dies.

• How does term life insurance work in Macon?

  In Macon, term life insurance works for a specific period, usually between 10 and 30 years, and costs less, as it does not accumulate a cash value. People who want to cover specific financial responsibilities within a limited time, like college education for dependents and mortgages, tend to purchase this plan. Beneficiaries of policyholders who die within the period can receive death benefits, while those who outlive the term cannot.

• Who can purchase a guaranteed issue life insurance plan in Macon?

  A guaranteed issue life insurance plan is for individuals having a hard time obtaining traditional life insurance policies in Macon, including those with severe medical issues and senior adults aged 50-80 years old. This policy does not require an underwriting process and medical examinations and provides between $2,000 and $25,000 death benefits. However, guaranteed issue life insurance coverage will take effect after two or three years—and if the policyholder passes before the time limit, their beneficiaries cannot receive the death benefit.

• What are the required documents to purchase a life insurance plan in Macon?

  Applicants in Macon are required to show proof of identity and address by providing an identity card, driver's license, and passport. They must submit their medical history, including existing and inherited medical conditions like diabetes, heart disease, and prostate cancer, as insurance companies need these details to calculate premiums. Policy buyers must also present proof of income through paychecks and income statements.

• Can a policyholder in Macon sell their life insurance?

  In Macon, it is legal for policyholders to sell their life insurance policies to insurance companies or third parties. Viatical settlements are used by terminally ill individuals struggling to pay medical bills to sell their life insurance plan and receive immediate payment. Meanwhile, those who no longer want their coverage can sell their policy via life settlements and receive less than the value of the death benefit and more than the cash surrender value.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.