Best Life Insurance Companies in Asheville

FAQs

• Who needs life insurance in Asheville?

  In Asheville, life insurance is required for anyone who wishes to protect their finances and their family's future. Homeowners, spouses, parents, grandparents, and business owners are encouraged to purchase life insurance in order to provide for education and final expenses, medical bills, mortgage debts, and necessities such as groceries, gas, and utilities.

• How do you choose life insurance in Asheville?

  When selecting life insurance in Asheville, you must determine the amount of coverage you require and evaluate your short- and long-term goals. You can work with a financial representative and request quotes for life insurance to learn about the various features. In addition, it is essential that you evaluate your options to determine which policies meet your needs.

• What are the pros and cons of term life insurance in Asheville?

  Term life insurance is the most affordable type of life insurance in Asheville. This can be used to protect your children, your mortgage, and your home. It also has payment terms that are flexible. Premiums can be paid monthly, quarterly, semi-annually, or annually. Payments, on the other hand, are more stringent than the other policies. If you do not pay within the grace period, your policy will be automatically canceled.

• In Asheville, can final expense insurance be an alternative to traditional life insurance?

  Yes, final expense insurance can be a less expensive alternative to traditional life insurance. This type of insurance does not require a medical exam. It can send money to your loved ones within 24 to 48 hours of your death. This allows family members to feel financial relief, even if only for a short time.

• How much life insurance do 60-year-old individuals in Asheville need?

  Life insurance for 60-year-olds in Asheville is not based on a set amount. Their insurance rates are determined by their circumstances. The amount depends on their net worth, outstanding debts, and whether or not they currently have life insurance. Their insurance rates are also affected by whether they are still employed or have dependents.

• 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.