Best Life Insurance Companies in Greenville

Frequently Asked Questions

• 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.