Best Life Insurance Companies in Livermore

FAQs

• What can you do if the Livermore insurance provider continues to bill you after the time period they initially set on your contract?

  Items promised in a deal must be backed by the Livermore insurance firm. When based on non-guaranteed values, promises of "paid up" life insurance are unlawful. Your state's insurance department might be able to help if you can provide proof that the agent made this promise. Any written record containing the commitment, including a casual handwritten note or similar entry by the agent, would be considered documentation.

• What are the drawbacks of Livermore firms that provide guaranteed life insurance policies?

  Insurance providers in Livermore that offer "guaranteed issue" coverage don't inquire about a customer's medical history. These types of insurance companies offset the risk of having people with poor health availing of their plan by increasing rates or restricting the quantity of insurance they may purchase. Sometimes the premiums are almost as expensive as the insurance. After a few years, policyholders may be paying the insurance firm more than what their beneficiaries would ultimately be entitled to.

• In Livermore, what happens if you live past the term period you choose for your life insurance policy?

  In Livermore, no benefit will be paid if you live over the term period you choose for your life insurance. Term insurance typically provides a death benefit with no cash value or savings component. However, you might be able to get greater coverage by purchasing term insurance rather than cash-value insurance if you have a restricted budget and just require protection for a limited time.

• What determines the cost of life insurance in Livermore?

  Age affects the cost of life insurance in Livermore. You will often pay a cheaper premium if you get a policy while you are younger. Your premium is also impacted by factors including your present health, medical history, lifestyle choices, and engagement in risky hobbies. Finally, rates differ between term and permanent insurance and those with added coverage.

• What types of life insurance riders are available in Livermore?

  In Livermore, a variety of life insurance riders are offered, frequently depending on the specific policy and provider. Examples include the accelerated death benefit rider, which allows policyholders who are terminally ill to receive a certain percentage of the death benefit, and the accidental death benefit rider, which offers the beneficiary a higher death benefit value if the insured dies in an accident. Some firms also offer disability income, waiver of premium, and long-term care riders.

• 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.