Best Life Insurance Companies in Shreveport, LA

FAQs

• For Shreveport residents, what are the risks involved when borrowing against a whole life insurance policy?

  For Shreveport residents, when borrowing against a whole life insurance policy, there's a risk of reducing the death benefit. If the loan and its interest aren't paid back, the beneficiaries will receive a lesser amount. Hence, this step should be seen as a last-resort measure during financial emergencies, and the policy terms should be thoroughly examined before proceeding.

• What should Shreveport residents consider when choosing between term and permanent life insurance?

  When deciding between term and permanent life insurance, Shreveport residents should weigh their immediate financial needs, long-term goals, and budget. Short-term life might be more appropriate if they seek short-term coverage until significant life events are resolved, such as paying off a mortgage or funding a child's education. For lifelong coverage and an accumulating cash value, they might consider the permanent option.

• Is it advisable to choose the cheapest life insurance policy in Shreveport?

  Choosing the cheapest life insurance policy in Shreveport is not advisable. While affordability is important, opting for the lowest-cost policy may not provide adequate coverage. Just like with auto or homeowners insurance, it's essential to balance cost and coverage. Individuals should consider policies that offer more benefits for only a slightly higher monthly premium to ensure better protection for their loved ones in the long run.

• How does variable life insurance benefit estate planning in Shreveport?

  Variable life insurance is a valuable asset for estate planning in Shreveport. The death benefit proves instrumental in offsetting estate taxes, guaranteeing that beneficiaries receive a more substantial share of the estate. Furthermore, it facilitates the equitable distribution of inheritances among heirs and furnishes liquidity to settle debts and various expenses, thus safeguarding the estate's overall value. Variable life insurance allows individuals to align their estate with their wishes and provide financial security for their loved ones.

• When is life insurance considered community property in Shreveport?

  Life insurance policies acquired during marriage with communal finances are classified as community assets in Shreveport. In the event of one spouse's demise, the surviving partner is entitled to half of the benefits. Conversely, policies obtained prior to marriage or funded separately are designated as separate assets and fall outside the purview of community property regulations.

• 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.