Best Life Insurance Companies in Orlando

FAQs

• In Orlando, how do you submit a life insurance claim?

  To file a life insurance claim in Orlando, contact the insurer and provide them with information about the deceased, such as their name and birth date. You must present a death certificate or other document proving that the insured's death was covered by the policy. You will also be required to provide proof of your identity and relationship to the policyholder.

• What will occur if you fail to pay your Orlando life insurance premium?

  If you do not make timely payments or skip any scheduled payments for your life insurance in Orlando, your policy will be canceled and all benefits will be forfeited. If a death occurs while the policy is inactive, the beneficiaries will receive no money. Premium payments must be made on time to ensure that the policy remains in effect.

• What should you do with your group life insurance policy if you change jobs in Orlando?

  When you change jobs, ask HR about the possibility of transferring your Orlando group life insurance policy. If not, you have the option of canceling the insurance plan or allowing the coverage to lapse. Before your group life insurance coverage completely expires, you should start thinking about new life insurance coverage.

• Is it worth it to buy life insurance in Orlando if you are single and paying off student loans?

  Yes, if your family members assisted you in obtaining private student loans, it may be worthwhile to consider purchasing a life insurance policy in Orlando to support them in the event that something unexpected occurs. When you pass away, your co-signer may be left with the bill, and you may be able to assist them with the remaining payments through your life insurance policy.

• Should you disclose your disability when applying for life insurance in Orlando?

  Yes, you must be completely honest when applying for life insurance in Orlando, as well as during the medical examination and health questionnaire. If your insurer discovers that you failed to report your condition, they may cancel your insurance or refuse to pay your beneficiaries' death benefits. Failure to provide relevant facts to your life insurer may also be considered life 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.