Best Life Insurance Companies in Jonesboro, AR

FAQs

• Can you reinstate a lapsed life insurance policy in Jonesboro?

  You can generally reinstate a lapsed life insurance policy in Jonesboro within a specific timeframe, usually from three to five years after it has become inactive. However, there may be requirements, including completing a reinstatement application, answering health-related queries, and confirming that your health condition has not changed since your policy was initially endorsed. If the insurance company agrees to the reinstatement, you will need to settle all overdue premiums and they might impose interest on those outstanding premium payments.

• Are there age restrictions for purchasing life insurance in Jonesboro?

  Age restrictions for purchasing life insurance in Jonesboro can differ, but generally, adults are eligible to purchase life insurance. Note that as individuals get older, their premiums may typically increase. In some cases, individuals can even obtain life insurance up to the age of 90. Some insurance providers offer final expense insurance, which is designed specifically for older individuals.

• Can you purchase life insurance for someone else in Jonesboro?

  Yes. In Jonesboro, it is possible to purchase a life insurance policy for another individual in specific situations. Firstly, you must have the individual's permission to take out a policy in their name. Secondly, you need to provide evidence that the individual's death could have adverse financial consequences for you.

• Can you convert your term life insurance policy into a permanent policy in Jonesboro?

  In Jonesboro, there's a possibility to convert your term life insurance into a permanent policy. Certain term life insurance plans provide conversion features, which permit this transition to a permanent policy. However, note that for some life insurance policies, the option to convert may not be available after you turn 65. It is highly recommended to consult your insurer about the terms of your policy.

• Are life insurance policies considered marital property in Jonesboro?

  In Jonesboro, life insurance policies are typically not regarded as marital property. Marital property includes the assets and debts that a married couple accumulates during their marriage, which are subject to division in the event of a divorce. However, there are exceptions, such as life insurance proceeds. It's advisable to seek legal advice to understand how life insurance policies may be treated in such situations.

• 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.