Best Life Insurance Companies in Scranton

FAQs

• In Scranton, how long is the process of approving a life insurance policy?

  It varies. Some Scranton life insurance companies provide instant quotes, while others take weeks or months to determine what type of life insurance coverage is appropriate for their applicants. Providers typically take time to approve a life insurance policy application because they require policy buyers to submit required documents and undergo medical examinations, which include height and weight measurements as well as blood pressure readings. Furthermore, life insurance premiums are determined by the applicant's age, health, and gender.

• Do graduate students in Scranton need to obtain a life insurance plan?

  It is recommended that graduate students in Scranton purchase a life insurance policy, as it can provide them with numerous benefits. These include covering student loan debt and providing financial stability to surviving family members in the event of an untimely death. As they are still young and in good health, graduate students may also qualify for lower premiums. However, they should consider their budget and repayment strategy for student loans before purchasing life insurance.

• How do surviving families locate their loved ones' life insurance proceeds in Scranton?

  In Scranton, surviving families can contact the National Association of Insurance Commissioners at 1-877-881-6388 or info@naic.org for assistance in locating their deceased loved ones' life insurance policies. The office is in charge of contacting insurance providers to check the deceased policyholders' records and confirm if one of the surviving family members is the beneficiary, legal representative, or executor of the coverage. Additionally, surviving families must present a certified death certificate in order to proceed with their request.

• How to file a life insurance fraud claim in Scranton?

  Residents of Scranton can report life insurance fraud to the Pennsylvania Office of Attorney General's Insurance Fraud Section if they suspect any fraudulent behavior in order to obtain a larger payout. They can reach the office by phone at 717-787-0272 or in person at Strawberry Square Harrisburg, PA 17120. Life insurance fraud is a felony punishable by up to seven years in prison and a $15,000 fine.

• What is the life insurance coverage of employees in the University of Scranton?

  The University of Scranton offers a life insurance plan with $100,000 accidental death and dismemberment coverage to full-time faculty and exempt staff. Non-exempt employees or those paid on an hourly basis, on the other hand, are covered by a $50,000 life insurance policy. Furthermore, the University of Scranton provides life insurance to its employees aged 70 and up, but with a $10,000 coverage reduction.

• 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.