Best Life Insurance Companies in Pomona

FAQs

• Can insured people in Pomona take funds from their life insurance policy?

  Pomona residents with life insurance can borrow against their coverage. When someone takes out a loan against their life insurance, they often have to pay interest on top of the principal. The sum will be deducted from the beneficiary's death benefit if the borrower dies before making loan payments.

• Can families pay off the deceased's obligations using the money from their credit life insurance in Pomona?

  Yes, families of the insured may settle the remaining debts of the deceased using the money from their credit value insurance in Pomona. This insurance plan is intended to pay off certain obligations of an insured borrower who dies before completing payments. Generally, lenders offer credit life insurance to those who take out huge loans.

• Can one late payment result in the cancellation of a life insurance policy in Pomona?

  A life insurance policy in Pomona cannot be canceled after one late payment. According to California Insurance Code 10113.71, life insurers must provide policyholders a grace period of at least 60 days from the due date for premiums before terminating a policy to give them time to make up missed payments.

• Do life insurance companies in Pomona notify policyholders before terminating their coverage?

  Life insurance companies in Pomona are required to send notice of termination to the named policy owner, the person named in the policy, any known assignees, and any other interested parties. If the insurer fails to give the required notice to the relevant parties, the life insurance policy cannot be canceled.

• How many beneficiaries can be included on a life insurance policy in Pomona?

  In Pomona, people are allowed to name one or more beneficiaries on their life insurance policy, depending on the insurance company. One beneficiary may be named who will get all of the benefits, or the proceeds may be divided among several recipients. They can designate how the income will be allocated when naming beneficiaries, either per stirpes or per capita.

• 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.