Best Life Insurance Companies in Midland

FAQs

• Can you reinstate a lapsed life insurance policy in Midland?

  If you have stopped paying the premiums on your life insurance policy in Midland, you may be able to get it back. Most of the time, this means making up for payments that were missed or paying all of the late premiums. It is important to contact your insurance company immediately once your policy lapses since some insurers may impose time limits on reinstating lapsed policies.

• Can you convert your term life insurance policy into a permanent policy in Midland?

  Yes, you can convert your existing term life insurance policy in Midland into a permanent one. However, it is important to note that not all term life policies provide this option, so it is highly recommended that you review your specific policy to see if a conversion provision is available.

• Are life insurance policies considered community property in Midland?

  In states with community property, like Texas, life insurance policies are often treated as belonging to both spouses in Midland. How benefits are divided depends on the type of policy. For term life insurance, the policy and benefits are considered community property, which means that the surviving spouse is entitled to half even if they are not the named beneficiary. Permanent life insurance policies pay out benefits based on how much the insured paid into the policy during the marriage.

• What happens if a life insurance beneficiary dies before the policyholder in Midland?

  If the primary beneficiary of a Midland life insurance policy dies before the policyholder, the death benefit is paid to the contingent beneficiaries. However, if the primary beneficiary dies after the policyholder but before the death benefit is paid out, the death benefit may be paid to a secondary beneficiary or the policyholder's estate.

• Are there medical conditions that may disqualify you from getting a life insurance policy in Midland?

  Cancer, ALS, cognitive impairment such as Alzheimer's or stroke, and dialysis dependency are all medical conditions that can make you ineligible for Midland life insurance. However, if you have survived cancer, you may still be eligible. If you have one of these disqualifying conditions, you must speak with an insurance agent to discuss potential coverage options.

• 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.