Best Life Insurance Companies in San Mateo

FAQs

• When should San Mateo families and individuals change their life insurance?

  Families and individuals in San Mateo may need to change their life insurance if they are concerned about their retirement income or recently purchased a new home. Life insurance can also be updated if the policyholder is recently married or divorced, plans to support a child's education, or provides financial assistance to their parents. Additionally, if a family member's health has deteriorated, a policy change might be in order.

• Is permanent life insurance in San Mateo taxable?

  No, the cash value of permanent life insurance in San Mateo is tax-deferred, meaning policyholders do not have to pay taxes unless the money is withdrawn. Funds from this type of personal insurance can help families and individuals pay for various expenses, such as college tuition fees or home down payments.

• Can policyholders in San Mateo customize their life insurance?

  Policyholders in San Mateo can customize their life insurance by adding optional coverage. They can purchase a living benefit option, allowing them to use a portion of their death benefit to pay for treatments if they are terminally ill. Also, they can opt for an accidental death benefit that provides additional security for their loved ones.

• How would you know if you are eligible for life insurance in San Mateo?

  In San Mateo, talking to an insurance agent or carrier will help you determine whether you are eligible or not for life insurance. You must first complete an application form and medical examination. The underwriter will review your medical history to identify your risk classification. Then, the insurance provider will accept your application once you pass their age, gender, and risk classification guidelines.

• When can you file a lawsuit against life insurance companies in San Mateo?

  You can file a lawsuit against insurance companies in San Mateo if you believe that they use several tactics to deny your life insurance claim. They can be sued if they argue that your family member's death was not accidental and you misinterpreted your health history when you purchased your policy.

• 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.