Best Life Insurance Companies in North Hollywood

FAQs

• Can a resident of North Hollywood trust life insurance calculators to determine the amount of coverage needed?

  In North Hollywood, life insurance calculators can make initial calculations of the coverage amount a person needs. They factor in the amount a person will earn over life and the expenses incurred at the end, taking the difference as the amount insurance must cover. A human is still needed for the final decision since there are specific circumstances the computer may miss.

• When should the family of the departed in North Hollywood notify the insurer of the insured relative's death?

  The family of the departed in North Hollywood should notify the insurance company within a week of the insured person's passing. Information regarding the claims process and the documents needed should be obtained since the remaining days will be hectic and spent paying taxes and informing relatives.

• What insurance product in North Hollywood is fit for someone who wishes to pay off a mortgage?

  If a person in North Hollywood wishes to pay a mortgage, a term life insurance plan would be useful. The mortgage will not be permanent, and the individual only needs to cover the years when the mortgage exists. There is no need for whole-life perks when the debt will be satisfied in decades.

• What life insurance product in North Hollywood is perfect for a person who needs permanent coverage but adjustable premiums?

  A person in North Hollywood who needs permanent coverage but adjustable premiums must go for a universal life insurance plan. Unlike a traditional whole-life option, universal products have adjustable premiums that could change based on a person’s needs and ability to pay. The downside is that the death benefit also varies.

• What is the remedy in North Hollywood for a term life insurance holder who wants more years covered?

  A term life insurance holder in North Hollywood who needs more years covered may extend the current assurance plan if the insurer allows it. There are also assurance contracts that are convertible to whole-life if the insured wishes to be protected for the remainder of life.

• 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.