Best Life Insurance Companies in Fall River

Frequently Asked Questions

• 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.