Best Life Insurance Companies in Meridian

FAQs

• When is a good time to examine your Meridian life insurance policy?

  Your life insurance coverage may need to be adjusted depending on how your life evolves and how your current needs are met. This may be considered if a Meridian policyholder marries, divorces, has children, starts a new business, buys a home, or inherits a large estate. A person's insurance coverage should also be reviewed if their health has deteriorated, if they have family members who need long-term care, or if they are supporting a parent financially.

• Are taxes imposed on Meridian life insurance death benefits?

  No, the beneficiary or beneficiaries you designate in Meridian receive income tax-free proceeds from your life insurance policy. Funeral expenses, debt, school tuition, estate taxes, and almost any other financial need may be covered by this. Furthermore, the cash value growth of a whole life insurance policy is tax-deferred, which means that you do not pay taxes on the growth of the cash value until money is taken.

• Is it possible to retrieve an old life insurance policy purchased by a deceased family member in Meridian?

  Yes, it is possible. If your deceased loved one purchased life insurance in Meridian, the National Association of Insurance Commissioners, or NAIC, may be able to help you locate it. Simply go to their website and fill out a brief form with the information from your loved one's death certificate.

• What types of life insurance policies are available in Meridian?

  Meridian firms provide a few standard life insurance options, depending on your needs. Term life insurance policies offer coverage for a set period of time, usually between 5 and 30 years. Permanent life insurance, on the other hand, provides protection for a lifetime and often includes an investment component. It is also frequently more expensive than term life insurance.

• What happens if my Meridian life insurance company stops operating?

  When an insurance provider in Meridian goes out of business, the Idaho Life and Health Insurance Guaranty Association usually continues coverage as long as there is cash value or premiums are paid. It can do this either directly or by transferring the policy to another insurer. In any case, policyholders must continue to pay premiums in order to keep their coverage.

• 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.