Best Life Insurance Companies in Plymouth

FAQs

• In Plymouth, what are the advantages of buying life insurance at work?

  In Plymouth, buying life insurance at work can help you achieve easy enrollment. You do not have to worry that you might miss your monthly payment because most of the time, employers offer payroll deductions. It also has a cheaper premium because companies consider the overall health of the group.

• Is it possible for individuals in Plymouth to purchase individual life insurance even if they have employer-provided life insurance?

  Yes, individuals in Plymouth who already have employer-provided life insurance are still allowed to have individual life insurance. The reason for this is that group life insurance may not be enough to cover policyholders' financial obligations. Also, in some cases, once the employee leaves their job, they cannot take their insurance unless it is permanent coverage.

• What are the common life insurance fees in Plymouth?

  In Plymouth, most of the time, life insurance policyholders pay for fund management and administration fees for recordkeeping and accounting maintenance purposes. These fees are usually deducted from their policy value once a month. Also, they need to pay for mortality and expense risk, monthly per thousand, and premium loads or sales charges.

• When should you purchase life insurance in Plymouth?

  You should consider purchasing life insurance in Plymouth if there are major changes in your life. You must invest in life insurance if you are expecting a new child or grandchild, recently got married, purchased a new house, and opened or expanded a business. Life insurance can also be a good option to save for your retirement.

• Does universal life insurance in Plymouth have flexible death benefits?

  Yes, universal life insurance in Plymouth has flexible death benefits. Policyholders can control their coverage by adding or reducing coverage. They can lessen the amount of their coverage if the policy still meets their needs. Also, it has flexible benefits because universal life insurance has flexible premiums as well. Individuals can pay minimum or higher insurance rates.

• 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.