Best Life Insurance Companies in Queens

FAQs

• How do people choose their term life insurance policies in Queens?

  Residents of Queens must talk with insurance companies to address their needs, assess their situations, and help them choose their preferred term life insurance policies. For instance, individuals who need short-term protection and opt to lower initial premiums may choose a yearly renewable-term plan. On the other hand, those who want to add another 10 or 20 years to their coverage and have to convert their long-term protection in the future may choose a level premium term.

• Do employees in Queens currently covered by their employer's life insurance plan need to acquire a separate policy?

  Employees should obtain an individual life insurance policy in Queens, whether in addition to the employer-sponsored plans or to replace it, as it can protect them throughout their whole life or for a specified amount of time. Additionally, life insurance policies sponsored by an employer have several disadvantages, such as fewer coverage options, termination when the employee resigns, and may not cover dependents.

• What is the difference between accidental death insurance and life insurance policy in Queens?

  In Queens, accidental death insurance offers death benefits exclusively for individuals who died due to accidents, and claimants need to establish that the death is an accident and the medical cause of it was in natural terms. Meanwhile, life insurance plans provide guaranteed death benefits regardless of the death cause. In addition, accidental insurance has no tax benefits and covers partial disability, burns, and dismemberment, while a life insurance policy is tax-deductible and does not cover physical injuries.

• How much life insurance coverage can an individual need in Queens?

  The amount of life insurance coverage in Queens depends on the policy buyers' income and age. For example, insurers suggest individuals aged between 18 and 40 must obtain at least 30 times their annual income, while those between the ages of 51 and 60 need to purchase at least 15 times their annual income. Life insurance coverage also varies on an individual's financial obligations and assets.

• How do workers in Queens choose the right life insurance plan based on their careers?

  Workers in Queens must talk to insurance agents to classify their risk and evaluate their potential forthcoming according to their jobs. Individuals with a dangerous career, like those in the transportation and construction industry, must choose the full life insurance policy that provides financial security to their families when they're gone. On the other hand, employees in a desk-type job must secure coverage that can protect them from work-related injuries.

• 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.