Top Life insurance in Asheville, NC

What are the different types of life insurance Asheville?

Life insurance is an important consideration for many living in and around the Asheville, NC area. There are several types of life insurance available including term life, whole life, universal life, and variable life. Each type of life insurance has trade-offs and is unique in the providing the right kind of protection to suit a person's individual needs. Term life insurance is the most affordable and is usually purchased for a set period, such as 5, 10, or 20 years.

What is a policy lapse in life insurance companies in Asheville?

A policy lapse in life insurance in Asheville, NC occurs when an insured fails to make timely payments and the policy is allowed to automatically expire. As a result, the insured loses their coverage and all of the benefits and features attached to the policy. This leaves them vulnerable to the costs of medical expenses and uninsured accidents or incidents. To avoid a policy lapse, it is essential to remain current on insurance payments and speak with your provider if there is ever a difficulty in making a payment.

Can I cancel my life insurance policy Asheville?

Yes, you can cancel your life insurance policy in Asheville, NC. To do so, you'll need to contact the insurance company and submit a written request for cancellation. Be sure to confirm the exact date your policy will end so you know when it is officially cancelled. In some cases, you may be able to receive a refund for any unused premiums. If you need help navigating the process, the Asheville, NC Insurance Department can be a great resource for getting your questions answered.

How do insurance companies assess risk with life insurance near Asheville?

Insurance companies assess risk differently depending on the type of policy issued. In Asheville, North Carolina, many insurance companies take several factors into account when determining risk. These factors generally include geographical location, credit score, driving record, total driving experience, type of vehicle, age, and gender. Insurance companies also take into consideration a person's criminal record, prior insurance claims, and occupation. All of these factors help insurance companies assess the risk associated with providing a policy to an individual and ultimately determine the premium that will be charged for the policy.

Do I need a medical exam to contact a life insurance company Asheville?

If you're looking for life insurance in Asheville, NC, you may not have to take a medical exam to qualify. Depending on the insurance company, you may be eligible for a simplified issue life insurance policy that does not require an exam. This kind of policy is designed to provide life insurance coverage with fewer underwriting requirements, which may make it easier to qualify. To find out if this kind of policy is right for you, a licensed life insurance agent in Asheville can help you determine the best type of policy and determine if you will need to have a medical exam.

What is a contingent beneficiary with Asheville life insurance companies?

A contingent beneficiary of a life insurance policy in Asheville, NC is another person or persons designated to receive the death benefit of the policy if the original beneficiary is unable to do so. It may be used in cases where the primary beneficiary has died or is incapacitated, and the money is intended to go to a secondary named party or parties. In Asheville, NC, the beneficiary must be specified in writing and filed with the provider in order to be effective.

Are payouts from life insurance policies near Asheville taxable?

Generally speaking in Asheville, North Carolina, a life insurance payout is not taxable as long as the payout falls below the IRS limit of $50,000. However, if any person has premiums greater than the $50,000 limit, then any money that exceed that amount can possibly be taxed. It is also important to note that potential beneficiaries may want to check with their tax advisor to determine if any taxes have to be paid for the death benefit of the policy.

Regarding life insurance in Asheville, what is policy surrender?

A life insurance policy surrender in Asheville, NC is a process in which a policyholder is able to obtain cash or other assets in exchange for canceling their life insurance policy. Generally, policyholders cash in their policy because of the need for liquid assets. It's important to note, however, that surrendering a policy can mean the policyholder will lose out on many of the life insurance benefits the policy offered. In most cases, the policyholder forfeits all accumulated cash value and may face considerable surrender charges.

Can I get a Asheville life insurance policy for my children?

It is certainly possible to get life insurance for your children in Asheville, NC. There are many national and local insurers that offer policies tailored to children’s age and coverage needs. Premiums for children’s life insurance are typically lower than adult policies, making it a very affordable option for families living in Asheville. Many on demand insurers provide coverage for your children even if the parents are not insured or are uninsurable due to pre-existing conditions. Shopping around and comparison shopping is the best way to find the right policy for your family.

What is the 'free look period' from a Asheville life insurance company?

The 'free look period' in life insurance is a term used to describe the time period in which the consumers of life insurance policies in Asheville, North Carolina can review their policy and make a decision on whether or not to keep it. This period typically lasts 10-30 days, during which the buyer of the policy can look over it and then return it for a full refund should they decide to not keep it. During this period, the buyer must read the policy carefully to ensure they understand all its details as they won’t be able to return it after the free look period has ended.