Best Life Insurance Companies in Spring Hill, FL

FAQs

• In what circumstances do you not require life insurance in Spring Hill?

  You might no longer require Spring Hill life insurance if you and your spouse have built up an extensive amount of money, or should a spouse die away, the available assets and income sources can support you financially. If your children are financially competent and independent adults, you might no longer require life insurance because your estate won't have an impact on their financial stability.

• Do Spring Hill life insurance companies run criminal background checks?

  Yes, Spring Hill life insurance providers usually always investigate an applicant's criminal history. Those applying for life insurance coverage will be questioned about their criminal background. If an applicant lies about their criminal history, their policy may be denied. If a person with a felony conviction is able to obtain a life insurance policy, they will pay higher premiums due to the greater statistical risk of covering them.

• In Spring Hill, can you apply for life insurance while incarcerated?

  You probably won't be allowed to apply for life insurance coverage in Spring Hill if you're behind bars or undergoing trial for a criminal offense. Normally, in order to be eligible for coverage, you must wait until your charges have been dropped, or your case has concluded and you are no longer in jail.

• What topics does a life insurance phone interview cover in Spring Hill?

  The following are some topics you'll be asked when applying for life insurance in Spring Hill over the phone:

  • Descriptive data like your gender, age, and marital status.
  • Information about your lifestyle.
  • Your general well-being and any existing illnesses.
  • The medical history of your family and any potential inherited disorders.
  • Your profession and any risky activities you participate in.

• What are the alternatives to surrendering your life insurance coverage in Spring Hill?

  Borrowing against the accrued cash value in your Spring Hill life insurance policy is an alternative to surrendering your policy. With this choice, policyholders can access their money without canceling their insurance. Another option is to sell the policy in what is known as a life settlement market. Individuals who no longer require the coverage may find this alternative more advantageous financially than surrendering the 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.