Best Life Insurance Companies in Long Beach

FAQs

• How does a resident of Long Beach determine if life insurance is necessary?

  A resident of Long Beach may determine if life insurance is necessary by asking if there are any people reliant upon the resident for support and care. If there are, getting insured is ideal because it gives their loved ones a safety net in case the insured party dies prematurely and the dependents still need money.

• What factors influence the cost of life insurance premiums in Long Beach?

  Insurance premiums in Long Beach are largely determined by how likely the insured is to die before the insurer collects enough premiums to support the value of the policy. Thus. agents give favorable rates to persons who are young and healthy because the elderly and the sick are likely to perish sooner rather than later. Other factors include one's gender and location.

• What is the difference between a whole life and a universal life insurance plan in Long Beach?

  A whole life insurance plan in Long Beach is one that covers the insured's whole existence, and its premiums are level and unvarying as the person ages, as long as there are no overdue payments. While universal plans also cover the person's entire life, the premiums may change in value depending on the insured’s needs and ability to pay.

• How does one in Long Beach determine how much life insurance to get?

  A person in Long Beach may determine how much insurance to get by asking how much money one's beneficiaries will need once the insured passes on. Factors like mortgage expenses, estate and transfer taxes, and the payment of debts may be taken into consideration when seeing how much assurance is required to support the contracting party’s income.

• Are there life insurance products in Long Beach that have an investment component?

  Yes, there are life insurance products in Long Beach with an investment component. There are insurers who offer variable life insurance plans where the premiums paid are also applied to investment products in order to grow the cash value faster than could be done with payments alone.

• 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.