Best Life Insurance Companies in San Bernardino

FAQs

• What happens if you do not designate a beneficiary for your life insurance in San Bernardino?

  If you do not designate a beneficiary for your life insurance in San Bernardino, your surviving spouse or domestic partner will be the default beneficiary. This is the individual whose legally recognized spouse or domestic companion of the insured. The next in line to receive your life insurance would be your children, siblings, parents, and estate.

• Which individuals should contemplate acquiring universal life insurance in San Bernardino?

  People in San Bernardino looking for life insurance that provides protection for the rest of their lives should consider universal life insurance. If you require both life insurance and an accumulation vehicle to reach your long-term financial objectives, this could be a good option for you. The rates and the level of coverage on a universal life insurance policy are flexible.

• What are life insurance ratings, and how do they influence your policy's premium in San Bernardino?

  In San Bernardino, life insurance ratings are also known as the rating category. Insurance companies use this tool to distinguish between low, medium, and high-risk people. They assign a rating to your application. These ratings are influenced by your medical history and laboratory tests that determine your health. Thus, it will affect your premiums because if you fall into the high-risk category, your insurance cost will be higher due to insurers' propensity to pay out larger claims.

• Can an individual in their forties purchase a life insurance policy in San Bernardino?

  Yes. You can obtain life insurance in your forties in San Bernardino. Since you will be older when you purchase this policy, you should select one with a lesser term. Another option is to choose the policy's term based on your specific objective. For instance, you will purchase a term life insurance to pay off your mortgage. You can synchronize the policy's expiration date with the estimated mortgage repayment date. After paying off the loan, you are free to let the plan expire.

• Can you establish a trust in San Bernardino to distribute your life insurance proceeds?

  Yes. You need a financial planner to create a trust in San Bernardino. There should be specific guidelines when building a trust. This involves appointing someone to oversee it and establishing criteria for how the funds within it should be used. Once set up, you can customize the life insurance policy. Inform your family and trust manager of your plans so they understand what you desire.

• 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.