Best Life Insurance Companies in Topeka

FAQs

• Will the life insurance proceed equally to multiple named beneficiaries in Topeka?

  Yes. The sum of the life insurance in Topeka proceeds is shared equally among all the beneficiaries. In the event of a beneficiary's death under the per capita distribution, the share will be distributed to fellow beneficiaries. Conversely, the per stripes distribution allows the deceased beneficiary's share to be passed on to their descendants if they pass away. In addition, the policyholder can designate a specific percentage for each beneficiary.

• Can suicide death be paid out of life insurance in Topeka?

  Yes. Insuring companies in Topeka will pay out life insurance benefits for suicide deaths after the two to three-year exclusionary period has elapsed, and provided that fraudulent activity is not involved. During the exclusionary period, the insurer may dispute the claim, and in the event of denial, beneficiaries may receive a prorated refund of the premiums they paid. The suicidal death clause specifies the restrictions for suicide, and it is imperative for policyholders to review it thoroughly in the contract.

• What would be getting credit life insurance in Topeka be for?

  Credit life insurance is an additional policy designed to settle a specific debt in the event of the policyholder's death. It allows the insured to protect their families from the burden of outstanding debts or encumbrances on their estate. The insurance's proceeds will be directed to their creditors upon the policyholder's death to pay off the remaining loan balance.

• How long after death can life insurance be claimed in Topeka?

  On average, it takes 30 to 60 days for life insurance companies in Topeka to process the payout after the death certificate is received. However, there are instances when claims might be delayed or denied, such as if the policyholder withheld relevant information at the time of application, the policy lapsed, the claim is excluded from coverage, uncertainty in the beneficiary status, and insufficient documentation when filing the claim.

• How does exposure risk play out in getting life insurance in Topeka?

  When applying for life insurance in Topeka, your exposure risk is one of the determinants in assessing your coverage eligibility. This encompasses potential hazards that you may encounter in your work or home environment and recent travel to high-risk areas. It is of utmost importance that you provide the insurer with complete and accurate information. Failure to do so may result in terminating your coverage or denying the claim.

• 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.