Best Life Insurance Companies in Carmel

FAQs

• Can mortgage protection coverage be added to life insurance in Carmel?

  Yes, policyholders are allowed to add mortgage protection coverage to their life insurance in Carmel. They can use the cash value of the insurance to pay off mortgages. Just like other life insurance policies, in the event of the insured individual's death, carriers will give the death benefits to the beneficiaries.

• What is covered by final expense insurance in Carmel?

  Final expense insurance in Carmel protects loved ones from out-of-pocket expenses due to policyholders' death. This insurance covers funeral costs, including memorial cards, death certificates, flowers, burial plots, caskets, and headstones. It also pays for housing expenses, burial service or cremation, funeral home rental, and transportation.

• Why should policyholders consider acquiring long-term care coverage in Carmel?

  Policyholders should consider acquiring or adding long-term care coverage to their life insurance in Carmel because their health insurance may not be enough to cover their medical expenses. For instance, this type of insurance can be used by individuals with Alzheimer's disease to pay for facility, home, and community living care expenses.

• How does employer-sponsored life insurance affect employees in Carmel?

  Employer-sponsored life insurance in Carmel allows employees to enjoy low federal income tax-deductible premiums, which protect them from financial losses in case of unexpected events. It also provides financial security, boosts employees' morale and loyalty, and reduces employee turnover. Because of this, companies do not have to spend more money on training and hiring expenses.

• When looking for a life insurance agent in Carmel, what should you look for?

  When looking for a life insurance agent in Carmel, you should determine whether the professional is licensed to offer insurance in Indiana and if they are registered with the National Association of Securities Dealers. You are also advised to work with agents with professional designations like Life Underwriter Training Council Fellow and Chartered Life Underwriter.

• 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.