Best Life Insurance Companies in Lincoln

FAQs

• Why should a resident of Lincoln acquire life insurance if there is already an assurance plan from the employer?

  A resident of Lincoln should acquire life insurance if there is already an assurance plan in place from the employer because the latter terminates once employment ends. Odds are, a person will change jobs or careers at some point in life, and this should not be a trigger for losing life insurance coverage.

• How does one determine how much life insurance to get in Lincoln?

  In Lincoln, the amount of life insurance needed is determined by several factors like the needs of the beneficiaries, the income capacity of the insured, and the goals to be achieved. While there are online calculators and tools for determining one's future assurance needs, it is preferable to confer with a human agent to get personalized solutions.

• What is the correlation between sex and insurability in Lincoln?

  In Lincoln, women are generally more insurable and granted lower premiums than men. This is due to the statistical tendency of women to outlive men, meaning that insuring the former presents a lower financial risk to insurers than the latter. Men still acquire more insurance than women, however.

• Why does conventional wisdom in Lincoln recommend buying life insurance when young?

  Conventional wisdom in Lincoln recommends buying life insurance when young because there is a direct correlation between age and the price of premiums. The older one gets, the more expensive premiums become, and vice-versa. Purchasing a policy while young helps save on premiums, especially for whole-life insurance plans.

• When is it preferable in Lincoln to choose term life insurance over the whole-life option?

  It is preferable in Lincoln to choose term life insurance over the whole-life option when one has to save money or does not need lifelong coverage. Term life plans are cheaper than permanent ones, and the insured may only need limited coverage for a specific purpose, like supporting a kid through college or paying for a spouse's graduate degree.

• 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.