Best Life Insurance Companies in Kenosha

FAQs

• Do policyholders in Kenosha get a free-look period for life insurance policies?

  Yes, policyholders have a free-look period of 10 to 30 days after buying a new life insurance. This gives policyholders time to look over the insurance and return it for cancellation if they do not like it. During the free-look period, there are no fees if the policyholder cancels, and the Kenosha insurer must return any premiums that the policyholder has already paid.

• How long does it take to receive your departed loved one’s life insurance proceeds in Kenosha?

  Life insurance companies in Kenosha are expected to pay out claims fairly and quickly, usually within 30 days of getting proof that the insured person has died. If the claims process takes more than 30 days, the insurance money will start earning interest, which the insurer must also pay to the beneficiaries. This is meant to stop insurance companies from putting off paying beneficiaries.

• Can your life insurance company in Kenosha cancel your policy midterm if you forgot to pay a premium?

  Yes, according to Wisconsin Legislature Section 631.36 (2)(a), the insurer may cancel your policy in the middle of the term for nonpayment of premiums. It is important to note that as the policyholder, you have a 30-day grace period to pay the unpaid premium before your policy is canceled. The Kenosha insurer must also notify you 10 days before the cancellation takes effect.

• What happens if the insured’s age on a life insurance policy in Kenosha is incorrect?

  The insurer may challenge the insurance contract and have it canceled. Furthermore, if the insured's true age exceeds the insurance company's age limit, the company may be obligated to pay the death benefit if they die. If you are the policyholder and notice an incorrect age, it is your responsibility to notify the Kenosha insurer and have the discrepancy corrected as soon as possible to avoid the issues listed above.

• Are death benefits from life insurance taxable in Kenosha?

  No, life insurance beneficiaries in Kenosha are not required to pay state or federal income taxes on death benefit payments received. The death benefit is regarded as a gift rather than an income. Likewise, if the insured named a trust to receive the death benefit and distribute the proceeds to beneficiaries, the proceeds are tax-free. However, if the trust uses the proceeds to generate income, taxes on that income may be due.

• 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.