Best Life Insurance Companies in Independence

FAQs

• Can the beneficiary of your life insurance policy in Independence be changed by your will?

  No, your life insurance beneficiary cannot be changed by will in Independence. In some cases, a will can change the beneficiary of a life insurance policy. If any of your beneficiaries, including contingent beneficiaries, die before you, the life insurance benefit will be paid to your estate. In that case, the money is distributed to the beneficiaries in accordance with the terms of your will.

• What mental health conditions may prevent you from being eligible for life insurance in Independence?

  Mental health conditions such as anxiety, depression, schizophrenia, bipolar disorder, and post-traumatic stress disorder may affect your ability to obtain life insurance in Independence. However, because each case is evaluated individually, eligibility may still vary based on a variety of factors such as previous medical history, the severity of the illness, and level of stability.

• How can someone with high cholesterol increase their chances of acquiring life insurance in Independence?

  An individual with high cholesterol can improve their chances of getting Independence life insurance by:

  • Adhering to medical advice and using the recommended drugs to control cholesterol.
  • Controlling their cholesterol levels by making lifestyle adjustments including eating a healthy diet and exercising frequently.
  • Being truthful and thorough when describing their cholesterol levels and any relevant medical procedures when applying for a life insurance policy.

• What are the typical grounds for denial of a death benefit claim in Independence?

  When a life insurance policyholder in Independence dies for a reason or in a manner expressly prohibited by the terms of their policy, the beneficiaries' death benefit claims may be denied. This can happen if they have not paid their life insurance premiums on time. It can also happen during the policy's contestability period.

• How can you determine whether an Independence life insurance policy is still valid?

  To find out if a life insurance policy in Independence is still active, contact the National Association of Insurance Commissioners. By providing the legal name, Social Security number, birthdate, and date of death, you can use the NAIC Life Policy Locator to request the location of a life insurance plan or annuity for a deceased person.

• 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.