Best Life Insurance Companies in Clovis

Frequently Asked Questions

• What are the benefits of purchasing life insurance in Clovis?

  Purchasing a life insurance policy in Clovis will protect your loved ones from financial hardship in the event of your untimely death. It may provide a death benefit to cover the insured's funeral expenses. The policy's fund can also be used to cover debts, college tuition, and a mortgage. In addition, some types of life insurance policies include an investing component.

• Does having life insurance via your job in Clovis negate the need for a separate policy?

  It is recommended that you obtain personal life insurance in addition to the policy provided by your employer in Clovis. As a general rule, you should buy a life insurance policy with a face value that is several times your annual income. This is because the maximum payout for most group life insurance policies is one or two times your annual salary.

• What distinguishes individual life insurance from group life insurance in Clovis?

  A notable distinction between the two is that group life insurance is commonly included in a Clovis employee benefits package. Individual life insurance, on the other hand, refers to a policy that can be purchased independently from a life insurance provider. Both of these policies, however, have the same goal of providing a death benefit to the insured's designated beneficiaries.

• What life insurance benefits are available to City of Clovis employees?

  The City of Clovis offers free basic life/AD&D insurance to full-time salaried employees through Lincoln. When you die, the plan will pay your beneficiary $50,000 for the entire non-management and memorial district, as well as benefits for dependent children and spouses. If you die while working for the city, your dependents will be compensated. Furthermore, employees with insurance who are terminally ill can receive some benefits through a living benefit option.

• How can Clovis residents report life insurance fraud?

  Residents of Clovis can report fraud cases to the California Department of Insurance's Investigations Department. Furthermore, they may report insurance fraud committed by an employee, employer, healthcare professional, lawyer, or any other person to the department's Fraud Division. Reporting is also possible through the department's portal, which can be found at https://cdiapps.insurance.ca.gov/CRIMS/publicform/?stepid=e5fe700f-4142-e711-80e7-0050568a0996&sessionid=94a77d5d-9a5f-ee11-a2ed-9df4144f0f5a.

• 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.