Best Life Insurance Companies in Arvada

FAQs

• Who can buy life insurance in Arvada?

  Single individuals, working adults, stay-at-home or single parents, college students, and empty nesters can buy life insurance in Arvada. They are advised to have this kind of personal insurance to protect them from any financial losses in case something happens to them that may affect their dependents or family members.

• When should individuals update their life insurance policies in Arvada?

  Individuals should update their life insurance policies in Arvada if there are major changes happening in their lives. They need a policy tune-up if they recently got divorced or married, purchased a home, expanded or opened a business, and expecting a new family member. They must also update their life insurance if their children or grandchildren need long-term care assistance.

• If you miss your life insurance payment for five days, can your carrier cancel your policy in Arvada?

  No, your insurance carriers cannot cancel your policy in Arvada if you miss your life insurance payment for five days because you must be given a 30-day grace period. This grace period allows you to settle unpaid premiums. However, it is only provided after you have paid the premium for a year.

• What should you do if your life insurance claim was denied in Arvada?

  If your life insurance claim in Arvada was denied, you may work with an attorney to help raise your concerns and obtain the benefits you deserve. Your claim can be rejected if you have provided the wrong information about your health or age. Also, you may hire a lawyer if your insurance carrier is delaying your insurance payment.

• How does life insurance in Arvada differ from other states?

  Policyholders of Arvada life insurance follow Colorado insurance laws, which are slightly different from those in other states. In Colorado, if spouses get divorced, the policy of the beneficiary spouse will be automatically revoked, unlike in other states where policyholders need to cancel the policy. Life insurance beneficiaries may pay death benefit taxes if the policyholders' estate is worth more than the given amount.

• 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.