Best Life Insurance Companies in Huntington, NY

FAQs

• What are the available types of life insurance policies in Huntington?

  In Huntington, there are two types of life insurance policies: term and whole life. Term insurance is budget-friendly but does not accumulate equity because it only provides coverage for a limited time. Whole life insurance, also known as permanent or "universal insurance, guarantees a payout and grows in value over time, albeit at a higher cost. The type to choose is determined by the individual's financial goals and circumstances.

• Why does the amount of life insurance for an individual in Huntington varies?

  For various reasons, the appropriate amount of life insurance for a person in Huntington varies. These reasons may include the fact that life insurance should cover outstanding debts, replace lost income for an extended period of time, and provide financial security to loved ones in order to maintain their current standard of living. However, the precise amount is determined by individual circumstances, making a personalized assessment critical in determining the appropriate coverage.

• When is the right time to have a life insurance policy in Huntington?

  The best time to purchase a life insurance policy in Huntington is a personal decision based on an individual's unique circumstances. If a person has dependents, such as a spouse or family members, who rely on their income for necessities, savings, and quality of life, it is wise to consider purchasing a life insurance policy. The timing should correspond to the individual's specific financial responsibilities and obligations.

• What are the eligibility requirements for life insurance policies in Huntington?

  The eligibility requirements for life insurance policies in Huntington vary depending on the type chosen. Individuals aged 18 to 80 are eligible for Fully Underwritten Term Life insurance, with some pre-existing conditions considered. Simplified Issue Term Life insurance, on the other hand, is available to individuals aged 18 to 60 with no health problems and no medical exam required.

• Will an individual's relatives in Huntington be able to receive the proceeds after the death of the life insurance policyholder?

  Yes, relatives of an individual can receive the proceeds of a life insurance policy after the policyholder's death in Huntington. This death benefit is a valuable financial resource that allows beneficiaries to meet immediate needs without the delays that estate probate can cause. Furthermore, the death benefit from a life insurance policy is usually not taxed.

• 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.