Best Life Insurance Companies in Syracuse

FAQs

• What are your options for life insurance plans in Syracuse?

  There are two main types of life insurance policies in Syracuse: term and permanent. Term life insurance offers coverage within a certain period of time; it can be 10, 20, or 30 years. This type of insurance is less expensive compared to permanent life insurance. If you have the budget, permanent life insurance may be better for you. It offers coverage for the duration of your life. Additionally, it has a savings component. This means that the accumulated cash value over time allows you to have extra money for your retirement or other expenses.

• Does whole life insurance in Syracuse have tax benefits?

  Yes, whole life insurance in Syracuse has tax benefits. For one, your beneficiaries will receive an income-tax-free sum of money in the event of your death. Your whole life insurance plan's cash value will also not be taxed while it is growing; this is also known as "tax deferred". Should you decide to access your whole life insurance's cash value, you can take out loans or withdraw the money without taxes; just make sure they are structured properly. Plus, life insurance benefits can pay for the estate taxes of their beneficiaries.

• Can you get life insurance in Syracuse even if you have a pre-existing condition?

  Yes, it is possible to get life insurance in Syracuse even if you have a pre-existing condition. To increase your chances of qualifying, you need to prove to insurance providers that you are getting better. Follow your treatment plan, exercise regularly, and lose weight so you can have a better quality life, which can help you get life insurance.

• Is a physical exam required to get life insurance in Syracuse?

  Most insurance companies in Syracuse require individuals to undergo a physical exam before they are approved for life insurance coverage. However, there are several non-medical life insurance options available if you prefer not to take a physical exam. Some examples of life insurance that do not require medical exams are simplified issue life insurance, guaranteed issue life insurance, employer-paid group life insurance, and instant-approval term life insurance. An insurance provider may still require you to take a medical exam if you have a terminal illness, seriously impaired health, or a request for an unusually large amount of coverage.

• Can you borrow money from your whole life insurance policy in Syracuse?

  Yes, you can borrow money from your whole life insurance policy in Syracuse, as long as it has sufficient funds in its cash value to secure the loan. You can make withdrawals against the cash value or take out a loan against the cash value. Withdrawals will reduce the available cash value and lower your death benefit. While loans may not deplete the policy's cash value, they must be repaid, or the outstanding balance will be deducted from your death benefit.

• 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.