Best Life Insurance Companies in Greenville

FAQs

• How does a Greenville beneficiary process a life insurance’s death benefits?

  A Greenville beneficiary may process a life insurance’s death benefits by submitting the claim form, the insurance contract, and the deceased’s death certificate. A lost policy certification must be filed if it has been lost. If the death occurred due to unusual or accidental means or within the contestable period, additional documentation is required, including medical records and police and autopsy reports. After receiving proof of loss, the company must pay the claim within 30 days.

• When do Greenville life insurance policyholders need accelerated benefits?

  Accelerated benefits or living benefits are a life insurance provision for Greenville policyholders who need them once they have contracted a terminal disease, become a permanent nursing home resident, or require an organ transplant. Qualifying events differ between contracts, and the amount paid may be limited. An additional premium is needed for such benefits, and death benefits may be reduced.

• What non-forfeiture benefits can Greenville life insurance policyholders have?

  Non-forfeiture benefits that Greenville life insurance policyholders can have are those they can obtain should a policy lapse because premiums were not paid, including reduced paid-up coverage, cash surrender, and extended term. Cash surrender is when the policyholder takes the policy’s cash value as a lump sum. The extended term option converts the policy into a term life insurance with a specific date. Its length depends on the policyholder’s age and the policy’s cash value.

• How can a Greenville resident determine how much life insurance they need?

  A Greenville resident may determine how much life insurance they need by figuring out how much income or money their dependents will need once they pass away. The family or beneficiaries who receive this benefit will spend this cash at their discretion. The policyholder may seek the assistance of tools available on financial websites and insurance companies to decide the level of insurance they will get or ask for the help of insurance agents.

• Can a Greenville resident use life insurance to pay their debts?

  A Greenville resident may use life insurance to pay outstanding debts such as credit cards, mortgages, and student, personal, and car loans. A policyholder who has such obligations must have a policy that has enough coverage to resolve the debts in full. For example, if they have a $3,500 car loan and a $250,000 mortgage loan, they will need a minimum of $253,500 in their policy plus an additional amount to cover any charges and interest.

• 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.