Best Life Insurance Companies in Warren, MI

FAQs

• How much life insurance should you get in Warren?

  The amount of life insurance one should get in Warren depends on each person's budget and needs. In general, you should be able to provide at least six to 10 times the value of your salary if you plan to get a life insurance policy. This is only a general number. If you have more dependents, an expensive mortgage, or other expenses, you should consider getting a higher amount of life insurance.

• Can you use your life insurance in Warren as collateral for a loan?

  Yes, lenders may require the assignment of life insurance in Warren. When you apply for a loan, you can name the lender as a beneficiary of your life insurance policy. In the event you die during the term of the loan, the lender can collect payments from the death benefit. When it comes to permanent life insurance that has a cash value, this can be used with a collateral assignment. The lender will be paid either through equity or the death benefit of the insurance plan.

• Can you insure children in Warren?

  Yes, you can insure children in Warren. Juvenile life insurance policies are available for children ages zero to 16 years old. The main benefit of this type of insurance is that it prepares a minor for financial stability. It offers permanent coverage for life and cash value that can be accessed via policy loans. Note that the policy will be owned by the purchasing adult, and ownership will only be transferred to the minor when he/she reaches the age of majority.

• Will you be able to find a life insurance plan in Warren even if you are overweight?

  One of the factors insurance providers consider when insuring someone in Warren is their health, and this includes the individual's weight. But don't fret; even if you are overweight, you may still be able to find life insurance coverage. The downside is that rates may be higher. However, it's still worth pursuing, rather than waiting to lose weight before buying a policy. You can just inquire about adjusting your rates in the event you lose weight.

• Will you still be insured in Warren even if you are a smoker?

  Finding a life insurance policy in Warren for a smoker can be challenging, as a lot of providers often discriminate against smokers. But the good news is that you can still get life insurance. The bad news is that you may need to pay significantly more for coverage. Be sure to declare that you are a smoker when talking to insurance companies, as they will still be able to find evidence of your smoking even if you deny it.

• 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.