Best Life Insurance Companies in Trenton

FAQs

• Can the binding receipt be considered a guarantee of insurability in Trenton?

  No, because the provisions outlined in the binding receipt provide temporary coverage for life insurance policies in Trenton. If the policyholder withdraws approval for the application, the application's rejection is communicated, and the 60-day period from the date of application submission has passed, the binding receipt is no longer valid.

• Is it possible to get life insurance in Trenton without undergoing a medical examination?

  Yes, simplified issue, guaranteed issue, and employer-sponsored life insurance policies are among the Trenton insurance plans that do not require a medical exam. These policies will necessitate applicants answering health-related questions and sharing medical and pharmaceutical records. However, you should expect higher premiums as a result of the increased risk that insurance companies may face in the event of a premature death.

• Why is it advantageous to purchase life insurance riders in Trenton?

  In Trenton, life insurance riders make your policy more adaptable and add valuable features. For example, if you die in a covered accident, an accidental death and dismemberment rider increases the amount paid out by your life insurance. If you suffer a qualifying accident-related injury, it may also pay you a lump sum while you are still alive.

• How can you locate any missing life insurance policy in Trenton?

  The Life Insurance Policy Locator Service, developed in collaboration with the National Association of Insurance Commissioners, can help you find a loved one's lost policy in Trenton. This service is available to those who believe they are beneficiaries, as well as the decedent's executors and legal agents. A request to the insurance provider is the first step in locating a lost life insurance policy or annuity contract. To locate a lost life insurance policy, go to https://eapps.naic.org/life-policy-locator/.

• Where can you file a complaint against your insurance provider in Trenton?

  You can file complaints with the Real Estate Commission and the Department of Banking and Insurance regarding any issues with your insurance company in Trenton. You can also use the agency's Consumer Inquiry and Response Center to initiate a formal complaint. To file a complaint online, go to https://sbs.naic.org/solar-web/pages/public/onlineComplaintForm/onlineComplaintForm.jsf?state=NJ&dswid=-4593. Alternatively, you can reach them by phone at 609-292-7272 or through their Consumer Hotline at 1-800-446-7467.

• 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.