Best Life Insurance Companies in Lakeland

FAQs

• When is the best time to purchase life insurance in Lakeland?

  The sooner an individual from Lakeland purchases life insurance, the better because life insurance premiums are usually lower for the young and healthy. Purchasing a policy at a younger age comes with the advantage of locking in a lower rate for the duration of the policy. This can save the policyholder money in the long run.

• Which life insurance policy works best for Lakeland residents with large loans or debts?

  Residents of Lakeland who have significant loans or debts can purchase term life insurance policies that can be customized to align with the timeframe of their financial responsibilities. For example, someone carrying a 20-year mortgage can secure a term life policy spanning the same 20-year duration. This ensures that the insurance coverage remains effective for the entirety of the financial obligation's term.

• What are the key advantages of choosing term life insurance over whole life insurance for residents of Lakeland?

  Lakeland residents, especially those with a tight budget, benefit more from term life insurance policies because they typically offer lower premiums compared to whole life insurance. These policies also offer flexible coverage durations, allowing policyholders to align their plans with their specific financial needs. On the other hand, whole-life insurance policies are expensive, which can leave individuals underinsured.

• Can Lakeland residents convert their term life insurance policies to whole or universal life insurance?

  Lakeland term life insurance policyholders can convert their policies into whole life insurance, provided such a conversion aligns with their specific objectives and requirements. A whole-life policy offers a guaranteed death benefit that remains in effect throughout the insured individual's lifetime. It also includes a cash value component that grows tax-deferred, allowing policyholders to tap into or borrow against it to address their financial needs.

• Who needs life insurance in Lakeland?

  Life insurance is an essential financial tool for Lakeland residents with financial dependents. The funds from a life insurance policy can serve various purposes. Beneficiaries of life insurance policies can allocate the proceeds towards covering end-of-life costs, lost income, or outstanding mortgages or debts. Life insurance benefits can also be used to finance a child's education.

• 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.