Best Life Insurance Companies in Toledo

FAQs

• How do life insurance annuities work in Toledo?

  A life insurance annuity is an investment that may be used to augment retirement income; it can be purchased through either installments or a single lump sum payment on deposit, which will accrue interest at a guaranteed return rate. In addition to being shielded from market fluctuations, the annuity is tax-deferred. When the annuitization date is reached, benefits may be received and continue until the annuitization end term or until the annuitant's death.

• Can you designate a minor as the beneficiary in life insurance in Toledo?

  Minors can be life insurance beneficiaries in Toledo, but they are legally restricted from receiving the funds until they come of age. The benefits can be held in a special account until the child reaches adulthood. Alternatively, the court may appoint a guardian to manage the funds on the child's behalf, which can be a protracted process requiring multiple court appearances. To avoid such legal complications, policyholders may opt to assign a reliable trustee for the benefit of the minor.

• Should you disclose a pre-existing medical condition when applying for life insurance in Toledo?

  Yes. Disclosing your pre-existing medical condition to your life insurance carrier in Toledo is crucial to avoid potential claim denials. During the application process, you will be required to provide an in-depth medical history. The insurer will utilize the record as one of the factors to gauge your risk level and ascertain your eligibility for coverage. If you are deemed to be at a greater risk, the insurer may opt to decline coverage or offer a higher premium.

• Can you claim term life insurance in Toledo while alive?

  Yes. There are a few ways for Toledo policyholders to access their life insurance benefits while they are still living, including forgoing accelerated death benefits for a terminally ill patient, taking out a loan on the plan, surrendering the policy, and selling the insurance in exchange for cash value. To increase the amount accessible to policyholders over their lifetimes, some insurers allow clients to pay excess of their average premiums.

• Can the insured waive payment to their life insurance premiums in Toledo?

  Yes, you can if they acquire a waiver of premium rider, an optional endorsement to your life insurance policy in Toledo, which will allow you to waive payment on your premiums in the event of critical illness or disability rendering you unable to work. The inclusion of this rider in your insurance policy will guarantee that your coverage continues in effect and uninterrupted, even in the absence of further payments.

• 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.