Best Life Insurance Companies in Mission Viejo

FAQs

• What causes of injury or death are not covered by accidental death and dismemberment insurance in Mission Viejo?

  There are several causes of death and injury that may not be covered by Mission Viejo's accidental death and dismemberment insurance, including overdose, suicide, natural illness, DUI accidents, and certain types of recreational activities. A person who works in a profession with a high level of risk, such as the military, law enforcement, or firefighting, may not be eligible for AD&D coverage.

• How may Mission Viejo residents who used to smoke obtain the same life insurance rates as non-users?

  Former smokers in Mission Viejo must have abstained from nicotine use for a minimum of twelve months in order to be eligible for the same life insurance premiums as non-users. A smoker who purchased life insurance may request a rate review from their provider if they subsequently decide to give up smoking later on. The former smoker will pay the same life insurance premiums as non-users if the exam's results are favorable.

• Will your Mission Viejo life insurance still provide coverage if you decide to go skydiving after purchasing your policy?

  If you already hold a life insurance plan in Mission Viejo before you make the decision to go skydiving, you may receive coverage if something goes wrong, provided you were honest on the application. To find out if your coverage will extend in the worst-case scenario, it is advisable to inform your life insurance provider of your plans to go skydiving.

• Can Mission Viejo life insurance providers utilize genetic testing to establish policy eligibility?

  Yes, genetic testing can be used by Mission Viejo life insurance providers as part of the underwriting procedure to evaluate a person's claim risk, establish policy eligibility, and establish the proper premiums. Life insurance providers may also consider genetic data, including family medical history, DNA test results, and genetic markers linked to particular diseases or ailments.

• Will having a chronic condition impact how much your Mission Viejo life insurance costs?

  Yes, having a chronic condition could influence how much your Mission Viejo life insurance will cost. If you have a chronic illness, insurance companies will usually consider various factors in determining your premium, including the type of your chronic illness, its stage, your treatment plan, general health status, and expected lifespan.

• 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.