Best Life Insurance Companies in Savannah

FAQs

• What factors are considered when calculating your life insurance rates in Savannah?

  The six primary variables that affect your Savannah life insurance premiums are the type of policy, the term length, the amount of coverage, any riders or extra features that you include in your coverage, your health, and your age. You will receive life insurance quotes, which are price estimates, after providing your basic information; however, the actual rates you will pay will not be known until the insurance provider has reviewed your application and assessed your risk level.

• What are other options for no-medical-exam life coverage in Savannah?

  If no-medical-exam life insurance in Savannah is not an option for you, you may submit an application for a fully underwritten policy. This means you must complete the entire application procedure, which includes a physical exam. If you opt for a fully underwritten policy, you can request higher coverage limits as needed.

• If the beneficiary of a life insurance payout in Savannah cannot be located, what happens to the cash?

  If the insurance company is unable to locate the intended beneficiary of a life insurance policy in Savannah, the insured person's estate may receive the life insurance payout. The funds could also be transferred to the state's division of unclaimed property. If the funds remain unclaimed for an extended period of time, they may be subject to escheatment.

• How can a drug user raise their chances of obtaining life insurance in Savannah?

  A drug user can take the following actions to raise their chances of acquiring life insurance in Savannah:

  • Giving up smoking.
  • Creating a balanced diet and regular exercise routines as healthy habits.
  • Constantly keeping an eye on general health and getting help from a doctor when necessary.
  • Dedicating oneself to a drug recovery program and upholding a drug-free lifestyle.
  • Collaborating with an insurance agent with expertise in high-risk situations.

• Is it necessary for the death benefit of your Savannah life insurance policy to be paid to a specific individual?

  No, the death benefit on your Savannah life insurance policy does not have to be paid to a specific person. In fact, if you want to leave a life insurance benefit to a charitable or religious organization after your death, you can name them as your beneficiary. Beneficiaries can receive the death benefit in a variety of ways, including lump sum, installment, annuity, and retained asset account.

• 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.