Best Life Insurance Companies in Macon

Frequently Asked Questions

• What will happen to the cash value of life insurance policyholders in Macon when they die?

  When a policyholder in Macon dies, their life insurance agency will only pay the stated death benefit to beneficiaries, no matter how much cash value remains on the policy before they die. Thus, the beneficiary could receive less than the policy's face value. However, several whole-life policies can provide both cash value and death benefits to the beneficiaries when the policyholder dies.

• How does term life insurance work in Macon?

  In Macon, term life insurance works for a specific period, usually between 10 and 30 years, and costs less, as it does not accumulate a cash value. People who want to cover specific financial responsibilities within a limited time, like college education for dependents and mortgages, tend to purchase this plan. Beneficiaries of policyholders who die within the period can receive death benefits, while those who outlive the term cannot.

• Who can purchase a guaranteed issue life insurance plan in Macon?

  A guaranteed issue life insurance plan is for individuals having a hard time obtaining traditional life insurance policies in Macon, including those with severe medical issues and senior adults aged 50-80 years old. This policy does not require an underwriting process and medical examinations and provides between $2,000 and $25,000 death benefits. However, guaranteed issue life insurance coverage will take effect after two or three years—and if the policyholder passes before the time limit, their beneficiaries cannot receive the death benefit.

• What are the required documents to purchase a life insurance plan in Macon?

  Applicants in Macon are required to show proof of identity and address by providing an identity card, driver's license, and passport. They must submit their medical history, including existing and inherited medical conditions like diabetes, heart disease, and prostate cancer, as insurance companies need these details to calculate premiums. Policy buyers must also present proof of income through paychecks and income statements.

• Can a policyholder in Macon sell their life insurance?

  In Macon, it is legal for policyholders to sell their life insurance policies to insurance companies or third parties. Viatical settlements are used by terminally ill individuals struggling to pay medical bills to sell their life insurance plan and receive immediate payment. Meanwhile, those who no longer want their coverage can sell their policy via life settlements and receive less than the value of the death benefit and more than the cash surrender value.

• 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.