Best Life Insurance Companies in Clovis

FAQs

• 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.

• 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.