Best Life Insurance Companies in Olathe

FAQs

• How does key person insurance work in Olathe?

  Key person insurance can be added to Olathe life insurance policies. It provides financial assistance to business owners in the event that key employees die or become disabled. The cash value of key person insurance can be used by entrepreneurs to pay expenses or provide retirement bonuses to key employees.

• Why should policyholders keep their permanent life insurance in Olathe?

  Policyholders in Olathe should maintain their permanent life insurance to provide financial security for their families in the event of their death. This type of insurance can accumulate cash value that policyholders can withdraw. However, a portion of the cash value of permanent life insurance will be forfeited as a penalty if the policy is canceled prior to the term contract.

• Are there life insurance fees in Olathe?

  Yes, most Olathe insurance companies deduct a number of standard fees from your life insurance premiums or cash value. Policyholders are charged administration fees, which are deducted from the policy's value once a month for recordkeeping and accounting purposes. They must also settle fund management fees, as well as mortality and expense risk charges.

• Why do individuals and families in Olathe want to have life insurance?

  Individuals and families in Olathe frequently desire life insurance for financial security in the future. They cannot predict what will happen in the future, such as how their health status will affect their finances. They buy life insurance to cover their medical expenses if they become terminally ill or to pay their funeral expenses if they die unexpectedly.

• Are medical examinations required when applying for life insurance in Olathe?

  Most Olathe life insurance companies require applicants to get medical exams so that their health status can be checked and evaluated. Through this, they can see if a person is at risk or has a medical history. But there are still some companies that let people get life insurance even without medical exam results.

• 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.