Best Life Insurance Companies in Canton

FAQs

• 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.

• 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.