Best Life Insurance Companies in Johns Creek, GA

FAQs

• Why is it important in Johns Creek to be honest about your health during a life insurance application?

  It is critical to be truthful during a life insurance application in Johns Creek because any material misrepresentation can be used to deny a claim. When adjusting insurance premiums, insurers want to know how likely a person is to die, and one's state of health is the most important factor in predicting that.

• In Johns Creeks, what is the advantage of choosing an independent life insurance agent?

  When shopping for a client in Johns Creek, an independent insurance agent is free to choose from a wider range of insurers and products. They are not tied to any one insurance company, so they are free to mix and match different options to meet the needs of each customer.

• In Johns Creek, what is the cash value of a whole life insurance policy?

  The cash value of a whole life insurance policy in Johns Creek refers to the savings accumulated by the plan as the insured pays premiums. The higher the cash value, the more premiums the person has paid. This can be withdrawn while the insured is still alive to pay for emergency expenses, but it reduces the death benefits.

• In Johns Creek, what is meant by the words tax-deferred when referring to life insurance proceeds?

  In Johns Creek, the term tax-deferred means that the appreciated value in a life insurance policy's proceeds or cash value is not subject to income taxes until a payout or withdrawal is made. If the withdrawal is made late enough in life, there may be no income taxes owed at all. However, estate taxes may be due depending on the beneficiary and estate planning used.

• What distinguishes universal life insurance from whole life insurance in Johns Creek?

  A universal life option in Johns Creek is a life insurance policy that covers the insured party's entire life and that has a cash value. It is similar to a whole-life plan but differs in the payment of premiums. Premiums are flexible in a universal life policy but are permanently set in whole-life options.

• 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.