Best Life Insurance Companies in Bloomington

FAQs

• How do accelerated life insurance benefits work in Bloomington?

  In Bloomington, accelerated life insurance can be used by policyholders in case they need funds for long-term, in-home care for their everyday living or if they have injuries or illnesses that require continuous life support or organ transplant. However, they need to know that if they withdraw funds from their policies, the cash value of their insurance will be reduced.

• What factors influence life insurance rates in Bloomington?

  The general rule in Bloomington is the younger and healthier the policyholder, the lower their life insurance premium. Their location, marital status, gender, family medical history, and medical examination results also affect their insurance rates. In addition, if they are alcohol drinkers and smokers, they will pay more expensive life insurance premiums.

• What are the advantages of purchasing term life insurance in Bloomington?

  Through term life insurance, individuals in Bloomington are allowed to have flexible terms and payments. They can have insurance coverage even if they only want it for a specific period of time. After the term, if they opt to continue the plan, they can renew another one. Term life insurance is also convertible, which means that they can make them into permanent life insurance.

• Why should you acquire personal life insurance in Bloomington even if you have an employer-sponsored one?

  In Bloomington, it is important that you still acquire personal life insurance even if you have an employer-sponsored one because it may be not enough to cover all your financial responsibilities. Your options are also limited with employer-sponsored life insurance, and if you leave your job, you cannot take your insurance with you.

• Can you cancel your long-term care insurance in Bloomington?

  Like any other protection plan, long-term care insurance in Bloomington can also be canceled. If you stop paying your monthly or yearly insurance premiums, your benefits will also stop. However, it may be hard for you to acquire insurance in the future if you cancel your coverage policy.

• 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.