Best Life Insurance Companies in Canton

Frequently Asked Questions

• What is key person insurance in Canton?

  Key person insurance in Canton refers to a policy taken out by a company on the life of an important member of the business venture. The person insured is one who is so critical to the commercial entity that death would greatly impact the daily operations of the business.

• What is the remedy if someone in Canton wants to extend their term life insurance coverage?

  If a resident of Canton wants to extend their term life insurance coverage, one option is to ask the insurer if it's possible to ask for an extension. Another is to see if the plan is convertible to a whole-life one, though this may mean having to pay premiums for the rest of one's life.

• Why do insurers call whole life policies investments in Canton?

  Insurers in Canton label whole life insurance policies as investments because they come with a cash value that increases over time and which the insured may withdraw from before dying. This diminishes the value of the death benefit once the insured passes on, so withdrawal must be done sparingly if one wishes to maximize the legacy for the beneficiaries.

• Why should a resident of Canton obtain a life insurance policy separate from their employer's?

  A resident of Canton may opt to get a life insurance policy separate from one given at work because the latter is limited in scope. Once the person leaves the company and switches to another, the insurance policy usually goes away and the person is left with zero protection unless there is a personal plan disconnected from the employer's.

• In Canton, is it advisable to get a whole life insurance policy if the goal is to see a child through college?

  Getting a whole life insurance policy in Canton may be overkill if the goal is only to see a person through college. There is no need for the added protection after the beneficiary graduates and student loans are paid off. In these cases, it is preferable to stick to a term life insurance plan.

• 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.