Best Life Insurance Companies in Brooklyn, NY

FAQs

• Who should consider purchasing a decreasing term life insurance policy in Brooklyn?

  People in Brooklyn who have debt obligations, such as business and auto loans and mortgages, should consider purchasing a decreasing term life insurance policy to cover the costs. Reduced term life insurance is also beneficial for parents of teenagers because it can provide them with a substantial payment early on to offset anticipated financial expenses or unpaid educational obligations.

• What variables affect the cost of your Brooklyn indexed life insurance policy?

  The cost of an indexed life insurance policy in Brooklyn is determined by a number of personal factors, including your location, gender, age, and overall health, as you must undergo a medical examination to be approved for coverage. Some lifestyle choices, such as smoking or working in a dangerous job, also affect your rate because they pose a higher risk to your insurance provider.

• How much does it cost in Brooklyn to convert a term insurance policy to a whole life insurance policy?

  Converting a term insurance policy in Brooklyn to a whole life policy will not cost you anything. However, because term life insurance is priced differently than permanent life insurance, your rates will rise as a result of the conversion. Your new premiums will be determined by the age at which you convert your policy.

• What should patients with cancer in Brooklyn do if they are unable to obtain conventional life insurance coverage?

  Patients with cancer in Brooklyn should look for simplified issue and guaranteed issue policies, also known as no medical exam life insurance, if they are unable to obtain regular life insurance coverage. This policy does not require applicants to have a medical exam, but it has a higher premium and a lower death benefit than a standard policy.

• If you have COPD and live in Brooklyn, what life insurance riders should you think about adding?

  Because COPD frequently worsens over time, you may find it advantageous to add an accelerated death benefit rider to your Brooklyn life insurance policy. If you meet certain medical requirements, this rider allows you to receive your death benefit while you are still alive. A waiver of premium disability rider should also be considered because it allows you to stop paying for life insurance in the event of a qualifying disability.

• 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.