Best Life Insurance Companies in Suffolk, VA

FAQs

• What is survivorship life insurance, and is it a viable estate planning option for Suffolk residents?

  Survivorship life insurance is a specific type of life insurance policy designed to cover the lives of two people, typically a married couple. It is commonly employed as a strategic tool for estate planning in Suffolk. It serves as a means to ensure there are enough available funds to cover estate taxes in the event that both spouses pass away.

• Does the cash value component of a fixed index universal life insurance in Suffolk decrease due to market volatility?

  No, because a fixed-index universal life insurance policy in Suffolk has a built-in cash value floor. Consequently, the cash value grows as the market experiences an upswing. During market downturns, the cash value remains constant. The cash value associated with this particular form of universal life insurance is not directly invested in the securities market.

• What are the compelling reasons for Suffolk residents to buy life insurance?

  Among the compelling reasons why Suffolk residents buy life insurance is to pay off end-of-life expenses such as funeral and burial costs. Additionally, life insurance can replace lost wages in the event of the policyholder's passing. Another significant benefit is the ability to use the insurance proceeds to pay off outstanding mortgage debt, ensuring that the family home remains secure.

• What are some of the life insurance solutions designed for aging Suffolk residents?

  Elderly residents of Suffolk have access to various life insurance options that meet their needs, such as whole life insurance. This type of insurance guarantees a death benefit for beneficiaries and comes with a cash value component that accumulates over time. Additionally, variable life insurance offers the opportunity to tap into professionally managed funds to help achieve their retirement objectives.

• Who benefits the most from universal life insurance in Suffolk?

  Suffolk residents seeking lifelong coverage can find value in universal life insurance. This insurance option is particularly advantageous for those who wish to have flexibility in determining the amount and schedule of their premium payments. It also offers the added benefit of a savings account that accrues interest. Universal life insurance is well-suited for individuals who apply for coverage later in life.

• 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.