Best Life Insurance Companies in Riverview

FAQs

• Why should a person in Riverview get life insurance even if one has to die before the money is released?

  A person in Riverview should get life insurance even if one has to die before the money is released because the proceeds are not for the insured's benefit but for the dependents they will leave without financial support after their death. Insurance intends to fill the gap left by the insured's support when they are still alive.

• If a resident of Riverview was honest in the life insurance application, why do insurers sometimes still require a health exam?

  If a resident of Riverview was honest in the life insurance application, insurers could still ask for a health exam to verify some vague or ambiguous details. Honesty doesn’t always translate to clarity and insurers should know how healthy a person is to determine how much premiums to charge.

• Why is it advisable to get or update a life insurance plan during a major life change in Riverview?

  During a significant life change in Riverview, it is advisable to obtain or update a life insurance policy to cover the resulting changes in needs and circumstances. A person who had no one to support yesterday may become married the next and a parent in a year, necessitating either an updated or new policy to reflect the added dependents.

• Should the primary earner in a family be the only one to purchase life insurance in Riverview?

  In Riverview, it is not only the breadwinner of a family who has to get life insurance coverage. The parent who stays at home should also be insured because the care and support provided in the household have value, and there is much to lose once the second parent passes on.

• Is it advisable in Riverview to get a whole life insurance plan to fund a child's college education?

  No, it is not advisable in Riverview to get a whole life insurance plan to send a kid to college. A term life option would be a better choice. The child won't be in college forever, and the proceeds only need to cover the period when the kid is in college. After graduation and the payment of the loans, the insurance policy does not have to remain.

• 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.