Best Life Insurance Companies in El Cajon

FAQs

• Can El Cajon residents convert their term life policies to a more permanent insurance solution?

  Term life insurance policies in El Cajon can be converted into more permanent risk management solutions, like whole life or universal life insurance. However, this conversion requires a rider or provision within the policy, allowing policyholders to make this change at a specific time during the policy's duration.

• Are there age restrictions or health requirements when applying for final expense whole life insurance in El Cajon?

  In El Cajon, there is no need for a physical examination when applying for a final expense life insurance policy. Insurance providers or their representatives just conduct a brief telephone interview with applicants. Moreover, this type of insurance cannot be canceled due to age or changes in one's health status. It also offers a tax-free benefit, and consistent premiums are guaranteed for the duration of the policyholder's life.

• How much does life insurance cost for a 35-year-old, healthy, and non-smoking individual in El Cajon?

  The monthly life insurance premium for a 35-year-old resident of El Cajon who is in good health and does not smoke typically ranges from $17 to $55. Premiums can differ between insurance providers as they take into account factors like gender, risk profiles, and lifestyle standards. Rates also vary across states.

• Is life insurance a viable means of replacing income for El Cajon families should the insured individual pass away?

  Yes. To determine the appropriate coverage level for El Cajon life insurance policyholders, they should assess their yearly earnings and calculate the number of years' worth of income required to provide for their dependents. They must also consider future financial obligations, such as funding their children's college education and securing their spouse's retirement savings.

• Are there life insurance policies that do not require a medical exam in El Cajon?

  While life insurance policies in El Cajon typically require a medical examination to assess eligibility, there are alternatives known as "no medical exam" policies. Because carriers assume greater risk with these policies, they come at a higher cost than traditional life insurance. They are particularly suitable for individuals in good health seeking coverage without the inconvenience of a medical examination.

• 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.