Best Life Insurance Companies in Omaha

FAQs

• In Omaha, how much life insurance coverage do you need for your parent?

  The amount of life insurance coverage you require for your parents in Omaha is determined by the reason for the insurance. If you only need coverage for funeral expenses, aim for $10,000 to $25,000 in coverage, as the average funeral costs around $10,000. If you have debts to pay off, such as a mortgage, make sure you have enough coverage to cover them completely.

• How can you acquire life insurance for your parents without a waiting period in Omaha?

  To be eligible for a no-waiting-period life insurance policy in Omaha, you must apply through a company that includes health-related questions on their application form. Your parents will not need to see a doctor, but they will need to fill out a health questionnaire. In most cases, older parents can still meet the requirements for an immediate and comprehensive coverage plan.

• How can you determine if your grandchild is eligible for life insurance in Omaha?

  Your grandchild's responses to particular health questions are used to determine whether he or she is eligible for life insurance in Omaha, much like with burial insurance plans. Generally, any child can be eligible as long as he or she was not born with congenital abnormalities, an illness, a disorder, or a chronic health condition. Even if your grandchild was born with a medical issue, you can still submit an application to check for potential approval.

• What is whole life insurance in Omaha?

  Whole life insurance in Omaha is a type of permanent life insurance that remains in effect for the rest of your life as long as you pay the required premium payments as specified in the policy terms. It can also be used as an investment because these policies typically accumulate cash value over time.

• Should you consider purchasing final expense insurance in Omaha?

  Purchasing final expense or burial insurance in Omaha is a wise decision, especially for seniors over the age of 50. It ensures that loved ones will not be burdened with unexpected costs following a death. These policies are less expensive than traditional life insurance and typically pay out $10,000 for funeral and other final expenses. Furthermore, because it does not require complex underwriting processes or medical exams, this plan is easily accessible.

• 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.