Best Life Insurance Companies in Portsmouth

Frequently Asked Questions

• Can you still reinstate a lapsed life insurance policy in Portsmouth?

  Yes, you can reinstate your life insurance policy in Portsmouth as a policyholder. Insurance companies will usually allow you to reinstate your policy within three years of the last payment if you have documentation proving that you are still insurable. One benefit of reinstating a lapsed policy is that you still receive the original premium when you sign up for the plan.

• Will you still receive Social Security benefits if you are a beneficiary of a life insurance policy in Portsmouth?

  Yes, even if you are the beneficiary of a life insurance policy, you are still eligible for Social Security benefits in Portsmouth. The payout is not considered earned income and will have no impact on your retirement benefits. Receiving a life insurance payout or taking out a loan against your policy, on the other hand, may have an impact on your Social Security disability benefit amount.

• Can you still get a full refund in Portsmouth if you decide the life insurance plan is not for you?

  Yes, you may request a full refund of your initial payment for your life insurance plan in Portsmouth if you discover any gaps or inadequacies in the policy. Insurance companies typically provide a 10-day free look period during which you can review all of the details in your policy and return it without incurring any additional termination fees.

• Will your funeral cost be covered under your life insurance benefits in Portsmouth?

  Yes, your life insurance proceeds can be used to cover your funeral expenses if you die in Portsmouth. Whether you have term or whole life insurance, your final expenses should be paid with the proceeds from your life insurance policy. Policyholders can, however, obtain final expense insurance, which specifically covers their death expenses.

• Do you need to change the name of your beneficiary for your life insurance when you file for divorce in Virginia?

  Yes, you must change the beneficiary on your life insurance policy in Virginia if you are divorcing. Because the state does not have an automatic revocation on divorce for life insurance plans, you must do it manually once the divorce is granted. Failure to do so will keep your ex-spouse as a beneficiary on your life insurance payout.

• 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.