Best Life Insurance Companies in Athens

FAQs

• How can someone in Athens verify if a certain individual had a life insurance policy?

  In Athens, one can begin by reaching out to local independent and agency-linked life insurance representatives. Scrutinizing bank documents, consulting past employers' benefits sections, and reviewing tax records for interest from policy cash values might provide clues. Additionally, the Unclaimed Property Section of the Georgia Department of Revenue at 855-329-9863 can help, as they handle undeliverable insurance proceeds.

• Do Athens residents have access to life insurance benefits while they're still alive?

  Yes. In Athens, while life insurance primarily ensures financial safety for beneficiaries post-death, several policies present living benefits. Terminally ill individuals might receive their policy's worth early. Moreover, policyholders can retain their plans during career transitions, leverage waived premiums during severe illness or disability, and grow their policy's value by paying more than the regular rate, offering both enhanced death benefits and loan potentials.

• How does the death benefit and cash value work in Athens' insurance policies when the policyholder dies?

  When a policyholder in Athens passes, the insurance firm disburses the stated death benefit, not exceeding it regardless of any accumulated cash value. However, unpaid loans, including interest, reduce this benefit. As a result, beneficiaries might receive less than the policy's face value. Notably, certain whole life policies in Athens do grant both the death benefit and the cash value upon the policyholder's death.

• What happens to the death benefit in Athens if the beneficiary dies before the policyholder, and can the beneficiary be altered after the policyholder's death?

  In Athens, if a beneficiary predeceases the policyholder, the life insurance proceeds go to the policyholder's estate. After the policyholder's death, the beneficiary cannot be legally modified. Any postmortem changes would be fraudulent. If you suspect such a change, it's advised to challenge it, though proving malfeasance might be tough. Consulting a seasoned Athens-based life insurance beneficiary lawyer is recommended.

• In Athens, is there a time limit to make a claim on a life insurance policy?

  Yes. In Athens and throughout Georgia, there's a timeline to claim life insurance set by state regulations. Some insurance agreements have even stricter deadlines, possibly giving just a few weeks post-death to claim. If encountering delays from insurers, an adept lawyer might compel interest payments on the due amount.

• 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.