Best Life Insurance Companies in Roswell

Frequently Asked Questions

• 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.