Best Life Insurance Companies in Roswell

FAQs

• If Roswell term life insurance policyholders outlive the term of their policies, will their beneficiaries still receive death benefits?

  No, because a term life policy only provides a death benefit to beneficiaries when a Roswell policyholder passes away within the policy's specified term. In the event that the insured individual outlives the policy's term, the policy will conclude at the end of the term. To maintain coverage, a policyholder will need to submit a new application for a new policy.

• Do Roswell term life insurance policyholders automatically qualify for new coverage when their policy terms expire?

  Roswell term life insurance policyholders may or may not qualify for new coverage when the term of their policies expires. They may have to take specific actions to renew or convert their policies into whole-life insurance. When reviewing policies whose terms have lapsed, insurance companies consider several factors, such as the individual's age, health status, and potential premium costs.

• How do term life insurance policies play a role in estate planning for Roswell residents?

  Term life insurance policies offer Roswell residents a way to pass on their wealth to future generations. The policy's death benefit can assist in settling estate taxes and facilitating a seamless transfer of assets. It can also be used to enhance the policyholder's charitable legacy by designating a charitable organization as the beneficiary of the life insurance policy.

• What advantages does variable life insurance offer to Roswell individuals looking for a combination of life insurance coverage and investment prospects?

  Variable life insurance policies enable Roswell residents to allocate a portion of their premium payments into various investment opportunities like stocks, bonds, or mutual funds. By doing so, policyholders can increase the cash value of their policies, depending on the performance of their chosen investments. Additionally, variable life insurance offers a death benefit that assists beneficiaries in paying off mortgages, outstanding debts, and day-to-day living expenses.

• What is the primary basis for determining rates in group insurance policies in Roswell?

  The overall risk of the group of Roswell employees determines life insurance policy rates rather than the lifestyle habits or health factors of each individual. One of the advantages of such policies is that they typically come with lower premiums than an individual policy purchased by the employee. Additionally, these policies offer the advantage of featuring premiums deductible from federal income taxes.

• 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.