Best Life Insurance Companies in Newport Beach

FAQs

• When should you reassess your life insurance coverage in Newport Beach?

  It's advisable to review your life insurance policy in Newport Beach on various occasions, such as:

  • When welcoming a new member into the family.
  • Upon starting a new job.
  • When initiating or expanding your business.
  • In the event of a notable change in your yearly income.
  • When a child departs for college.
  • In the event of you or your spouse acquiring an inheritance.
  • If you or your spouse experience a disability.
  • As retirement approaches.
  • Upon purchasing or refinancing a house.

• What effects does marijuana use have on life insurance coverage in Newport Beach?

  In Newport Beach, consuming marijuana often does not result in an immediate denial of life insurance. The amount of use is most important. It's vital to have your agent look into several insurance companies for you because each one has its own rules. To help your agent in locating insurance providers who accept marijuana use, be straightforward about your usage.

• When does your life insurance coverage start in Newport Beach?

  It depends on the insurance provider in Newport Beach. In most cases, insurance coverage starts once the insurance company receives and approves the application, issues the policy, completes all required paperwork, and obtains the initial premium payment. Nevertheless, the majority of insurance companies offer temporary and conditional coverage after the medical examination if the insurance premium is paid upon application receipt. The limitations outlined in the conditional receipt also apply to this coverage.

• Is it possible for your life insurance policy to be terminated in Newport Beach due to health or other factors?

  When a life insurance policy is issued in Newport Beach, it cannot be canceled by the insurance company at any time throughout the policy period, regardless of health changes. However, if the necessary premium payments are not made and the policy expires, the insurance provider can cancel the coverage. Additionally, coverage might be terminated or a death benefit claim could be rejected if any of the information you provided on the application were discovered to be false, fraudulent, or deceptive.

• What are the two kinds of life insurance in Newport Beach?

  The first type of life insurance in Newport Beach is whole life insurance, which remains active for your lifetime as long as you keep up with the premiums. It includes a cash value investment aspect. The second type is term life insurance, where your beneficiaries receive a death benefit if you pass away within a specified term, typically 10, 20, or more years. If you outlive the policy's duration, the policy won't pay out and will terminate when the term concludes.

• 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.