Best Life Insurance Companies in Thousand Oaks

FAQs

• What is the advantage of whole or permanent insurance over term life insurance that may be relevant to residents of Thousand Oaks?

  Whole or permanent insurance provides the benefit of a fixed premium and death benefit for the duration of the policy. Similar to a savings account, these policies have the potential to accumulate cash value that can be withdrawn. Term policies, on the other hand, provide a death benefit only if the insured person dies during the policy's term. Individuals in Thousand Oaks may or may not qualify for new coverage after the policy term expires, depending on factors such as age, health, and premium expenses.

• How can a variable universal life insurance address the risk management needs of Thousand Oaks residents?

  Through a combination of benefits, a variable life insurance policy can address the risk management needs of Thousand Oaks residents. These include a cash value accumulation investment feature, supplemental retirement income, and tax-free death benefits. Individuals can also tailor their policies to their preferences by incorporating a long-term care rider for an additional fee.

• Why should Thousand Oak residents use the services of insurance brokers when shopping for comprehensive life insurance coverage?

  Because of their familiarity with the risks and insurance needs in the area, Thousand Oaks residents should consider working with an insurance broker when seeking comprehensive life insurance coverage. Insurance brokers are well-versed in the region's specific risks and insurance requirements. Residents face unique risks that necessitate tailored insurance solutions, such as wildfires, earthquakes, and floods, which can cause significant damage and disruption.

• What variables determine the amount of life insurance coverage needed by Thousand Oaks residents?

  The appropriate amount of coverage required by residents of Thousand Oaks to protect their dependents is based on multiple factors, with the number of children being just one consideration. Age, future income potential, and the extent of an applicant's outstanding debts are additional variables that influence the minimum coverage level.

• Which optional riders can be added by Thousand Oaks residents to customize and enhance their juvenile whole life insurance policies?

  Thousand Oaks policyholders of juvenile whole life insurance can customize their plans by selecting the guaranteed insurability benefit. This rider allows them to purchase additional life insurance at specified intervals, regardless of the future health status of their child. In addition, they can select the payor benefit, which provides a premium waiver on the child's policy if the adult payor or applicant dies or becomes permanently disabled.

• 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.