Best Life Insurance Companies in Arlington, VA

FAQs

• Can people cancel their life insurance policy in Arlington if they change their mind?

  Arlington residents may cancel their life insurance coverage if they change their mind since Virginia law requires insurance providers to provide a 30-day "free look" period. During this free look time, a person may carefully evaluate the terms and conditions of the contract or insurance policy before making a final decision.

• What happens to the life insurance policy if the insurer in Arlington ceases operations?

  If a licensed life insurance company in Arlington runs into financial trouble or goes out of business, the Virginia Life, Accident & Sickness Insurance Guaranty Association will maintain coverage and pay claims as long as the premium payments are up-to-date. The association also covers annuities, accident and sickness insurance, and health maintenance organization subscriber contracts.

• Do all life insurance providers in Arlington belong to the Virginia Life, Accident, & Sickness Insurance Guaranty Association?

  Life insurance companies operating in Arlington must, with only a few specific exemptions, become members of the Virginia Life, Accident & Sickness Insurance Guaranty Association. This is a requirement for conducting business within the Commonwealth of Virginia. The guaranty association is a safeguard mechanism designed to protect policyholders and annuity contract holders in the event that their insurance company encounters financial difficulties or becomes insolvent.

• Is a medical exam required to get life insurance in Arlington?

  Residents of Arlington who want to apply for life insurance coverage may need to undergo a medical examination, depending on the insurer and the type of insurance they select. There are also insurance companies that offer "no-exam" or "guaranteed issue" life insurance policies, which do not require a medical exam.

• Do Arlington residents have any options for reducing their life insurance premium costs?

  Arlington residents may save on life insurance by doing one or more of the following:

  • Comparing quotes from multiple insurers.
  • Considering premium payment frequency.
  • Joining group insurance plans from employers or organizations.
  • Applying for insurance at a young age and in good health for reduced rates.
  • Asking for a rate review after improving one's health.

• 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.