Best Life Insurance Companies in Oakland

FAQs

• How will a life insurance payout in Oakland affect your child with special needs?

  A life insurance payout in Oakland may have an impact on any current or future public assistance or disability payments made to your special child. If you name your child as the beneficiary of your life insurance policy, their eligibility for public assistance will be jeopardized. Even a life insurance payout of $100,000 could disqualify your child from receiving the government's financial help.

• Can you still obtain your accumulated cash value if you cancel your cash value life insurance in Oakland?

  Yes, a cash value life insurance plan in Oakland is a type of permanent life insurance in which a portion of your policy earns interest and may be withdrawn or borrowed in an emergency. If you decide to cancel your cash value life insurance policy, the amount received will be deducted from any outstanding debts, interest, and charges.

• How long does it take in Oakland for a named beneficiary to receive the proceeds of a life insurance claim?

  Depending on the type of policy, it may take three to five days for a named beneficiary to receive a life insurance claim settlement in Oakland. In addition, if there is any doubt about the cause of death or if the insured died during the contestability term of their policy, the payout date may be delayed.

• How will a life insurance payout in Oakland affect your Social Security benefits?

  It is determined by the reason you are receiving Social Security benefits. A life insurance payout in Oakland will not normally affect your Social Security benefits if you are receiving them as a result of retirement. However, if you have a disability and use the Supplemental Security Income program, life insurance may reduce your Social Security payout.

• What are the penalties for lying on your Oakland life insurance application?

  Falsifying information on a life insurance application in Oakland is considered insurance fraud, which can result in coverage denial as well as penalties such as fines and jail time. Furthermore, if you apply for coverage again in the future, the Medical Information Bureau may receive a report of your fraud and notify other providers.

• 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.