Best Life Insurance Companies in New Britain

FAQs

• What are the advantages of obtaining life insurance at a younger age in New Britain?

  Obtaining life insurance at a younger age in New Britain comes with several advantages, including lower premiums. Insurance providers typically charge lower rates for younger individuals because they are considered lower-risk. In addition, younger individuals are generally healthier, which makes it easier to qualify for life insurance coverage and secure better terms.

• Which type of policy is recommended for New Britain residents with health issues that make it difficult to qualify for traditional life insurance?

  Guaranteed-issue final expense insurance can be a suitable option for New Britain residents with health issues. The death benefit can help beneficiaries with final expenses, such as funeral costs, cremation, and medical bills, in the event that the policyholder passes away unexpectedly. It also does not require a medical examination or a detailed health questionnaire.

• Which group life insurance plans are available to people living in New Britain?

  Residents of New Britain who hold group life insurance can choose to obtain fundamental life and accidental death protection. This policy guarantees a predetermined death benefit to the beneficiary in the event of the insured individual's demise within the policy's duration. It also provides benefits in cases of the insured person's accidental death or specific injuries. For customized coverage, optional riders are available, including coverage options for spouses and/or children.

• Do the beneficiaries of a New Britain life insurance policy owner have to pay death benefit taxes?

  Life insurance death benefits are typically tax-free for recipients, but they may still be liable for estate taxes. This means that while a New Britain beneficiary does not pay income tax on the received amount, the deceased person's estate might owe taxes on the life insurance payout if its total value exceeds certain thresholds set by the government.

• Is selling a New Britain life insurance policy legal in Connecticut?

  Selling a New Britain life insurance policy in Connecticut is generally legal. The two primary types of insurance policy sales are life settlements and viatical settlements. Life settlements typically involve individuals who are in good health, whereas viatical settlements involve individuals with terminal illnesses. Do note that purchasing a policy and then selling it immediately may constitute insurance fraud.

• 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.