Best Life Insurance Companies in Fall River

FAQs

• How much is the yearly premium for a life insurance policy in Fall River?

  There is no specific or defined value for a Fall River life insurance policy because it would depend on a number of factors. Age, medical history, occupation, the amount of coverage obtained, and the type of insurance applied for are just a few of the factors considered by insurers when calculating the price.

• What are the consequences of not paying premiums on a Fall River life insurance policy?

  If you do not pay your premium within the grace period, which is 30 days after the due date, your insurance will expire and your beneficiaries will receive no benefits because you no longer have a life insurance policy with that insurer. Some Fall River insurance companies allow you to reinstate your policy within three years by paying overdue premiums, interest, and loans. However, keep in mind that you may be required to provide new health information.

• Can a Fall River life insurance agency deny a claim for any reason?

  When purchasing an insurance policy, it is important to provide accurate information, as the insurance company has the right to deny payment within the first two years if the application contains false information. This is known as a material misrepresentation. However, after two years with an active policy and payment of premiums, the insurance company cannot contest your claim. This is referred to as incontestability. In addition, the majority of Fall River life insurance policies exclude coverage for suicide, resulting in denial of benefits.

• Is there a free look period for Fall River life insurance policies?

  Yes, residents of Fall River and the rest of Massachusetts who purchase a life insurance policy have a minimum of 10 days to cancel their coverage. During this time, they can request a full refund of any premiums they have already paid. Similarly, no penalty can be imposed if the contract is canceled during the free look period.

• What happens if a life insurance company in Fall River goes bankrupt?

  As long as the Fall River policyholder is current on premium payments or has accumulated cash value, the Massachusetts Life & Health Insurance Guaranty Association is likely to continue coverage. The policy may also be transferred to another insurance company by the association. The Guaranty Association's maximum protection for life insurance policies is $300,000 for death benefits and $100,000 for cash value.

• 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.