Best Life Insurance Companies in Fort Collins

FAQs

• Can a prisoner in Fort Collins buy life insurance?

  Given the involved serious risks, Fort Collins life insurance companies do not provide policies to prisoners, or those who are incarcerated at the moment. Additionally, life insurance companies refuse to cover inmates because of their limited access to resources, which may result in non-payment, and their shorter life expectancies compared to other types of applicants.

• Can you convert just a part of your term life coverage in Fort Collins to a whole life policy?

  You may switch just part of your term life coverage in Fort Collins to a whole life policy through a partial conversion, but since the amount you don't convert would continue to be in effect as a term policy, you will have to pay two premiums until the end of your term policy.

• What varieties of joint life insurance plans are offered in Fort Collins?

  The following are the two types of joint life insurance plans available in Fort Collins:

  • First-to-die life insurance provides the death benefit to the surviving partner of a joint life insurance policy.
  • Second-to-die life insurance pays out beneficiaries and does not give death benefit payments.

• Do you need to be married to purchase joint life insurance in Fort Collins?

  You do not need to be married to purchase joint life insurance in Fort Collins. Two unmarried individuals only need to demonstrate that they have common assets in order to obtain a combined life insurance policy. For instance, domestic and business partners are allowed to purchase joint life insurance policies.

• Does receiving a Fort Collins life insurance quote hurt your credit score?

  There are no negative effects on your credit score when you receive a life insurance quote in Fort Collins. Contrarily, your credit score may have an impact on the cost of your life insurance. Remember that when you request a quotation from a life insurance carrier, they will do a "soft inquiry," or a quick check of your credit history. The soft inquiry enables the insurance company to collect the data required to give you an estimate quote.

• 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.