Best Life Insurance Companies in Missouri City

FAQs

• Are you allowed to sell your life insurance policy in Missouri City?

  You are allowed to sell your life insurance policy in Missouri City. It will be based on your age and the policy amount, which is $100,000 minimum, and at least 65 years old and over. A life settlement company will manage your policy, and you won't have to pay premiums. However, once you pass away, you and your family will not receive any benefit from your policy.

• Can you change your beneficiary in Missouri City?

  You can change your beneficiary in Missouri City at any time. You may fill out a beneficiary change form and indicate your new beneficiary. It is extremely important to indicate the correct information when changing your beneficiary to avoid disputes when filing your life insurance claim. Life insurance carriers can file a dispute if there are inconsistencies in your change form.

• Will you still get your life insurance benefit if you pass away during the grace period for missed payments in Missouri City?

  Your beneficiaries can still claim your life insurance benefit in Missouri City if you pass away within the grace period given for missed payments. Insurance carriers generally offer a 31-day period for policyholders to update their premium payments. However, if the insured passes away within this timeframe, the beneficiary will still be able to get the benefit less the unpaid premium.

• If you already have your life insurance in force for over two years in Missouri City, will your insurance carrier still investigate your cause of death?

  No, because insurance carriers generally have a two-year contestability period where they investigate your cause of death before awarding any benefits to your beneficiary in Missouri City. However, insurance companies may still investigate your claim if there was a misrepresentation or withholding of information in your insurance application.

• What are the valid reasons for you to get a refund for the paid premiums of your life insurance in Missouri City?

  You may get a full refund of your payment if you decide to cancel your life insurance premium within the free-look period in Missouri City. If you also have made advance premium payments and want to cancel your policy, your insurance carrier will need to refund you. Other reasons for a refund are if the insured committed suicide or the insurance carrier refuses to pay the benefit due to disputes.

• 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.