Best Life Insurance Companies in Hialeah

FAQs

• Is it possible for a life insurance company in Hialeah to reject a claim if the insured was a smoker?

  Life insurance companies in Hialeah reserve the right to deny policyholder claims if they did not disclose their smoking habits during the application process. Failure to provide this information is considered misrepresentation and may result in claim denial. Even if smoking was disclosed during the application, the insurer can still deny the claim if it is listed as an exclusion in the policy.

• How different are the life insurance premiums of men and women in Hialeah?

  In Hialeah, men pay more for their insurance than women do. Men pay $15 per month for a life insurance policy that covers up to $250,000, while women pay $11 per month for the same coverage. This is because women have a longer life expectancy and men tend to work in more dangerous jobs and do more dangerous things.

• When does a life insurance policy in Hialeah become irrevocable, and can insurance companies refuse a claim even after this period?

  In Hialeah, a life insurance policy is considered uncontestable two years after it is initiated. Following this period, the policyholder or beneficiary is eligible to claim the life insurance benefits. However, the insurer retains the right to reject a claim due to unpaid premiums. Furthermore, even after the two-year period has passed, the insurer can challenge provisions relating to disability benefits and additional coverage for accidental death.

• Is there a specified timeframe during which late monthly life insurance premiums can be paid in Hialeah without repercussions?

  Yes, Florida law requires at least a 30-day grace period for unpaid monthly life insurance premiums in Hialeah. Furthermore, the law requires insurance companies to provide a notice of potential policy lapse for individual life insurance contracts covering people over the age of 64 that have been in force for a year or more. This notice should be sent within 21 days of the grace period for premium nonpayment.

• Can a term life insurance policy be converted into whole life insurance in Hialeah?

  Yes, most term life insurance policies in Hialeah include a provision that allows policyholders to convert them to a more permanent type, such as whole life. These provisions also do not require proving insurability when switching to a permanent insurance type. However, whole life premiums are typically higher than term insurance premiums, which are typically determined by the insured's age at the time of conversion.

• 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.