Best Life Insurance Companies in Manchester

FAQs

• How will divorce affect the division of life insurance in Manchester?

  Term-life insurance will not be split during divorce settlement because of the absence of a cash value component. In contrast, the court in Manchester may order the division of whole-life insurance because of its cash value component. Additionally, the court may require life insurance if alimony or child support payments are ordered during a divorce.

• What are the tax implications of life insurance in Manchester?

  Generally, the taxable income of the beneficiaries excludes proceeds obtained from life insurance. Policyholders in Manchester do not pay taxes as the value of their life insurance policy rises each year. Premium payments are not tax-deductible, but if they are paid to someone, such as in the case of alimony payments, such individual's income may have tax-deductible benefits.

• If you move to another state, can your life insurance policy obtained in Manchester protected under the New Hampshire Life and Health Insurance Guaranty Association still be valid?

  The life insurance policy you purchased in Manchester is still guaranteed by the New Hampshire Life and Health Insurance Guaranty Association so long as you continue paying premiums. This is because the protection is offered by the state of residence at the time the insurance company became insolvent, regardless of where the policy is purchased.

• Are life insurance agents in Manchester required to be licensed in the state?

  Yes. To be licensed, life insurance agents and brokers in Manchester need to pass the formal written exam required by the New Hampshire Department of Insurance. However, they are not required any pre-licensing education. In addition to this exam, a background check will be issued. Individuals with Chartered Life Underwriter designations who are applying for a life insurance license may only take the NH Life Insurance Laws and Regulations exam.

• What are the things you should expect if a medical exam is required in a life insurance application in Manchester?

  The medical exam requirement in a life insurance application may not really take a day to complete but in most cases just about 20 to 45 minutes. Requirements vary for each insurance company and policy type but usually include a phone interview, written Q&A, and medical tests such as X-ray, urine analysis, and blood test. There are options in Manchester to take tests at home and office or through an authorized clinic or doctor's office.

• 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.