Best Life Insurance Companies in Indianapolis

FAQs

• What factors determine the price of your annual renewable term life insurance policy in Indianapolis?

  Your annual renewable term life insurance policy in Indianapolis will cost more or less depending on your age, sex, medical history, and current health. The risk associated with the insurance will be reflected in your premium. In general, your rates will be lower based on how young and healthy you are.

• In Indianapolis, are you allowed to add riders to your annual renewable term life insurance plan?

  Yes. Your yearly renewable life insurance policy in Indianapolis allows you to add riders, which are supplemental insurance and customized options. There may be a fee for some riders, while others may be automatically included at no charge. Accelerated death benefit, kid insurance, spousal insurance, and premium waiver are some of the typical renewable term life insurance riders.

• Are there discounts for life insurance coverage in Indianapolis?

  There are no discounts for life insurance coverage in Indianapolis. However, there are ways to acquire a lower life insurance rate. Consider enhancing your health by exercising frequently, keeping a healthy weight, quitting smoking, and controlling pre-existing conditions to help you get the most affordable life insurance in Indianapolis.

• Can people with cancer utilize the cash value of their life insurance policy in Indianapolis to cover their treatment?

  The cash value of a patient's whole or universal life insurance policy in Indianapolis may be used to pay for medical costs or make up for lost income if the patient builds it up before receiving a cancer diagnosis. As an alternative, a patient could surrender their policy to their insurance provider and receive the monetary value in return. They could also take out a life insurance loan against their cash value.

• Will your Indianapolis life insurance rate go up if you have a disability?

  It depends. If your disability has an impact on your general health and life expectancy, it will raise your life insurance premium in Indianapolis. On the other hand, your premium will not change if you have a disability but are otherwise healthy and have a life expectancy typical for someone your age and gender.

• 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.