Best Life Insurance Companies in Ogden

FAQs

• What are the top benefits of having life insurance in Ogden?

  Life insurance can help cover expenses like funerals, debts, and daily living costs after a policyholder's death, easing the emotional and financial burden on loved ones during a difficult time. It can also serve as an essential estate planning tool in Ogden, enabling individuals to leave legacies to their beneficiaries.

• How does group life insurance work in Ogden?

  Group life insurance in Ogden is vital to an employer's benefits package, offering valuable coverage for employees and their families. Employers get tax benefits and affordable protection for their workforce, which can boost productivity and loyalty. In other words, group life insurance safeguards employees and their families financially while benefiting businesses.

• How can disability insurance provide assistance to people in Ogden?

  Disability insurance in Ogden helps people who cannot work due to sickness or injury. It covers part of their income, usually 50-70%, so they can pay their bills and support their families without falling into debt. The policy terms vary, like a two or five-year plan, and benefits only apply if the disability happens during that time.

• What are the limitations or exclusions of permanent life insurance in Ogden?

  If you are considering buying permanent life insurance in Ogden, it's crucial to understand the policy's limitations. These are called the contestability clause and the suicide clause. The contestability clause means the insurance company may not pay the death benefit if you lie on your life insurance application. On the other hand, the suicide clause means that if you commit suicide within two years of buying this policy, the insurance company may not pay out the death benefit.

• What options do you have when your term insurance expires in Ogden?

  When your term life insurance in Ogden is nearing expiration, you can renew your plan and extend your policy with a new term that maintains the same benefit amount. You can also convert your term policy into a permanent one, ensuring lifelong coverage with the same benefit. Lastly, you can terminate the policy because you no longer require coverage or prefer to allocate your resources differently.

• 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.