Best Life Insurance Companies in Kirkland

FAQs

• How are the family members of a deceased Kirkland life insurance policyholder get paid?

  Beneficiaries of a Kirkland life insurance policyholder receive their share of the death benefit, which is typically tax-free, once the claim is approved by the insurance company and all necessary documentation is verified. The payment is equal to the face value of the policy less any outstanding policy debt. The majority of life insurance claims are settled within 10 days.

• How can a Kirkland life insurance policyholder choose to make premium payments?

  Kirkland life insurance policyholders can pay their premiums in monthly installments or in one lump sum. Regular installments allow policyholders to pay their premiums in smaller, more frequent installments, allowing them to spread the cost of their insurance over time. Paying a lump sum, on the other hand, means that insured individuals choose to pay their entire policy premium upfront in a single, larger payment.

• What important factors must be considered by prospective buyers of life insurance in Kirkland?

  Kirkland residents looking to purchase life insurance should look into the insurer's rating to ensure their dependability in times of need. Furthermore, it is critical to assess the pricing of any recommended insurance plan to see if it aligns with the individual insurance needs and financial constraints of potential policyholders.

• Do Kirkland residents have a free-look period that allows them to cancel a life insurance policy that does not meet their needs and budgets?

  Yes, even though Title 48 of the Revised Code of Washington does not require life insurance companies in Kirkland to give the insured a free-look period. Most insurance companies in the state give their customers a window of time, usually between 7 and 30 days, in which they can change their minds about buying a life insurance policy.

• Is it safe to submit personal information through an insurance company’s online life insurance application system in Kirkland?

  Yes, the online life insurance application system that life insurance companies in Kirkland use is safe and follows HIPAA rules. These carriers also use SSL security measures to protect against unauthorized access. These measures are similar to those used by online banks. Also, the information that is sent during the application process is encrypted.

• 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.