Best Life Insurance Companies in College Station

FAQs

• What are the cash value benefits of universal life insurance in College Station?

  The cash value of universal life insurance in College Station can be accessed through policy loans. Individuals can have peace of mind knowing that they have a source of funds in case of an emergency. They can also make a partial withdrawal of up to 10% of the total cash value accumulation after the first policy year.

• Is purchasing life insurance in College Station worth it?

  In College Station, obtaining this form of insurance can be worthwhile if you know your family will be able to handle their needs if you die. However, if you are single, have lots of savings, and do not have dependents, having life insurance may not make sense. Yet, life insurance can still serve as a viable investment vehicle.

• If you have a child with disabilities, what type of insurance in College Station should you choose?

  You may want to consider purchasing whole or universal life insurance in College Station if you have a child with disabilities. These types of coverage will help your child because they need lifelong financial support. In the event of your premature passing, the cash value of the insurance can be used to pay for medical expenses and college tuition.

• Will your life insurance premiums in College Station change or increase over time?

  It depends on the situation. If you have term life insurance in College Station, your premiums will stay fixed for the initial 10, 20, or 30 years. After your term period, if you want to keep your policy, premiums may increase. Meanwhile, insurance premiums for whole-life coverage will not increase as long as you do not let your policy lapse.

• Can you purchase dependent life insurance coverage in College Station?

  Yes, you can purchase dependent life insurance coverage in College Station for your spouse and dependent children younger than 26 years old. Your dependent children may include a natural or adopted child, a stepchild with a parent-child relationship with you, or a foster child who is under the supervision of a foster care program.

• 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.