Best Life Insurance Companies in Concord

FAQs

• What can you do if you have a pre-existing condition and have difficulty obtaining life insurance in Concord?

  One thing you can do is work with an impaired-risk specialist in Concord. These specialists are independent insurance agents or brokers with relevant experience and access to multiple insurers and underwriting sources. Another option is to obtain guaranteed-issue life insurance, which enables you to avoid medical tests or health questions. However, this insurance comes with a two- or three-year waiting period and is more expensive than other types.

• If you are looking for a new insurance agent in Concord to replace your life insurance policy, what should you watch out for?

  Watch out for agents in Concord who recommend using the cash value of your current life insurance to fund the replacement one. In addition, be wary of insurance agents who advise you not to speak with your current insurance company regarding replacing your policy. Some things to be cautious of are agents who ask you to sign blank or incomplete forms and badmouth other agents or companies.

• In Concord, can you get living benefits from life insurance?

  Yes. Some life insurance policies in Concord include living benefits as a standard feature or an add-on. An example of a living benefit is the cash value component of permanent life insurance, which you can withdraw at a specified time. There is also an insurance policy that covers long-term or short-term care. In addition, a rider for terminal illness can be obtained as an add-on to help cover medical costs and care once the insured is diagnosed.

• Are taxes included in the life insurance premiums you pay in Concord?

  Not really. Life insurance premiums you pay in Concord are not subject to sales tax. Still, the state will tax insurance companies for the premiums collected. Another thing to consider is that your life insurance premiums cannot be considered deductible on your federal tax return because the IRS does not classify these premiums as personal expenses.

• Can you convert coverage from group insurance to permanent insurance in Concord?

  Yes. California laws provide the option to convert employer-based coverage from group insurance to permanent insurance when the coverage is terminated. Be informed that you will pay more for this converted policy. If your employer has allowed insurance agents to visit your Concord office and offer products, these products are not the same as group insurance. Before you purchase anything from these agents, check thoroughly the products offered to you.

• 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.