Best Life Insurance Companies in Longview

FAQs

• What is the difference between life and health insurance in Longview?

  In Longview, a life insurance policy is a contract taken out by an insured party so that in the event of death, beneficiaries will receive a cash payout that represents the care and support that the departed would have given when alive. A health insurance policy is taken out by the insured so that if there is a need to spend on medical treatment, the plan will pay the costs.

• What differentiates term life insurance from whole life insurance in Longview?

  In Longview, a term life insurance policy covers a portion of the insured party's life, and the premiums due are lower than with whole life options. A whole life plan covers the entire lifespan of the insured, and premiums are more expensive because of the broader coverage.

• What is the consequence if a person in Longview outlives the period in a term life insurance policy?

  In Longview, outliving the term in a term life insurance policy means that the beneficiaries of the insured party will get nothing when the latter dies. In a term plan, there will only be a payout if one dies during the time stipulated in the contract. If one lives longer than anticipated, nothing will be due to one's dependents.

• What is the remedy for one in Longview who wishes to keep a term-life policy going?

  If an individual in Longview wishes to keep a term-life policy going, the solution is to ask the insurer for a contract extension. Depending on how the document is phrased, it is possible to increase the policy's term or convert it into a whole-life plan, though both will usually raise the premiums due.

• Why do older individuals in Longview get charged with greater premiums than younger people?

  Older individuals in Longview get charged with more premiums than younger people because of the increased odds of death the older one gets. Insurers want to recoup back in the form of premiums, whatever they have to pay out to beneficiaries, and the best way to maximize premiums paid is to select clients who have a long life to live.

• 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.