Best Life Insurance Companies in Cape Coral

FAQs

• Can someone withdraw money from their life insurance policy in Cape Coral?

  Yes, individuals in Cape Coral with Universal Life Insurance can access funds from their life insurance policy. This type of insurance typically allows policyholders to borrow a portion of the cash value of their policy on favorable terms. In addition, the cash value continues to accrue interest payments when policyholders borrow against the policy.

• What is the grace period for paying life insurance in Cape Coral?

  A grace period of at least 30 days applies to payments on life insurance policies in Cape Coral. At least 21 days before the grace period specified in the policy's provisions expires, the policy owner and the secondary addressee must be notified by mail that coverage is about to be terminated.

• What will a lump sum death benefit in Cape Coral entail for the beneficiary?

  In accordance with Section 627.4615 of the Florida Statutes, beneficiaries of life insurance in Cape Coral are entitled to receive the benefits plus interest if the policy specifies that the proceeds will be paid in a lump sum upon the insured's death. The interest rate should equal or exceed Moody's Corporate Bond Yield Average-Monthly Average Corporate rate on the date of the claim.

• What can families in Cape Coral do if they cannot find a life insurance policy for a deceased family member?

  When seeking to locate a deceased family member's life insurance policy, families in Cape Coral can try any of the following methods:

  • Search through desk drawers and filing cabinets for records like bank statements or cancelled checks showing insurance premium payments.
  • Check if the deceased had a bank lock box that might contain old policies.
  • Contact the home and auto insurance agent to inquire about any life insurance policies.
  • Consider using a Life Policy Locator service like the Medical Information Bureau (MIB).

• Who gets the life insurance payouts when someone dies in Cape Coral?

  When a policyholder dies in Cape Coral, the insurance company pays the named beneficiaries, who can be a person, a company, a charity, or a trust. These beneficiary designations govern who receives life insurance benefits and how they are distributed. In most cases, at least one beneficiary must be named in a life insurance policy.

• 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.