Best Life Insurance Companies in Salinas

FAQs

• When purchasing life insurance in Salinas, is a medical exam necessary?

  A health exam is required as part of the Salinas life insurance application process. The examination must be performed by a paramedic. The assessment, which lasts about 15 to 20 minutes, includes a blood and urine sample, a blood pressure check, weight and height measurements, and a few questions about the patient's medical history.

• Can the insurer in Salinas terminate the policy if the insured's health status changes?

  It is not possible to cancel an insurance policy once it has been issued by a Salinas insurance provider. Regardless of how your health has changed, you will retain your current level of coverage. Furthermore, an insurance company can only cancel your policy if you fail to pay your premiums on time.

• What can a smoker in Salinas do to lower their life insurance premiums?

  Smokers in Salinas should quit to cut their life insurance premiums. Quitting smoking may lower their premiums to non-smoker rates after one to two years. Smokers can buy term life insurance while quitting and cancel it after they become nicotine-free. Term life insurance cancellations are free. The non-smoker premium can be used to purchase a new whole-life or term policy or to convert a term policy to a whole-life plan.

• What happens if you fail to inform your Salinas insurance provider that you are a smoker?

  You could be charged with insurance fraud if you gave false information about your smoking habits. When purchasing life insurance in Salinas, applicants must have a medical exam wherein blood and urine samples will be tested for indications of nicotine use. Lying about smoking may result in an application being declined. Furthermore, the insurance includes a contestability period during which insurers will review the application for any misleading information. Therefore, they can refuse your death benefit or reduce the payout amount.

• What is children's life insurance, and how would you know if your child in Salinas is qualified for it?

  Children's life insurance is designed to assist minors and young adults in Salinas in establishing a solid financial foundation. The minimum age requirement ranges from 0 to 14 days. They will not have to undergo a medical examination. Children's age, gender, and risk classification will determine the premium, as well as the requested amount of coverage.

• 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.