Best Life Insurance Companies in El Paso

FAQs

• What occurs at the end of the term of your El Paso term life insurance policy?

  A term life insurance policy in El Paso expires when it reaches the end of its term. You typically have three options if you still require coverage after your policy has expired: renew your coverage with an increased premium, seek a new policy, or convert your current term life insurance into a permanent life policy.

• When may your El Paso term life insurance policy be changed to a whole life policy?

  Your policy and your insurer will determine when you can change your term life insurance in El Paso to whole life insurance. If your policy is convertible, you will get a notification outlining your eligibility and the steps required to accomplish the conversion. Most policies offer a window where the conversion option may be used, often between 30 and 90 days before your term's expiration date.

• Is it preferable to get the death benefit of a life insurance policy in El Paso all at once rather than over the course of several years?

  It depends on your situation. You should receive the death benefit of a life insurance policy in El Paso as a lump sum if you have a significant amount of debt that you want to pay off immediately. However, if your primary concern is having enough money to provide for your family in the future, you can spread the death benefit amount over time by obtaining an annuity.

• When can you purchase life insurance for your parents in El Paso?

  You can purchase life insurance in El Paso for your parents if you have "insurable interest," which implies you will be liable for the financial obligations in the event of your parents' passing. Financial responsibilities that qualify as end-of-life expenses include funeral charges, burial or cremation fees, co-signed debts, mortgage, and long-term care for a surviving parent.

• Can you acquire life insurance in El Paso even if you have Type 2 diabetes?

  Yes. Even if you have Type 2 diabetes, you may be eligible for typical life insurance in El Paso because it is generally regarded as less hazardous and simpler to treat with exercise, restful sleep, diet, and stress reduction. Compare prices to discover the most suitable policy for you because the types of life insurance you are eligible for will depend on the insurer and your health.

• 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.