Best Life Insurance Companies in Victorville

FAQs

• Which government agency oversees life insurance companies in Victorville?

  The regulation of life insurance policies in Victorville and the rest of California falls under the jurisdiction of the California Department of Insurance. The agency's scope of support includes various vital tasks to protect consumers. These include granting licenses to insurance agents and brokers, overseeing insurer financial stability, addressing customer grievances, investigating and prosecuting insurance scams, and running market conduct reviews.

• Does Victorville have legislation that regulates disputes with life insurance?

  The Employee Retirement Income Security Act of 1974, or ERISA, sets specific federal rules for individuals who have group life insurance policies through their jobs. If your life insurance plan in Victorville is regulated by ERISA, then you must first exhaust the internal appeals process of the insurance company before proceeding to court.

• What is the process for obtaining life insurance in Victorville?

  Getting life insurance in Victorville generally involves the following:

  • A 30-minute physical exam at your home, which may include measuring your height, weight, and blood pressure.
  • A review of your insurance experiences, interests, family health history, and medical circumstances via a 20-minute phone interview.
  • A determination of your life insurance eligibility and pricing by the underwriter.

• What is the processing time for a life insurance payout in Victorville?

  Claim processing typically takes two to five days after receiving the claim form and all necessary supporting documentation. State laws also indicate that a Victorville life insurance provider must accept or deny a claim within 40 days after the provider has received verification of death. If you feel like your life insurance agency is acting in bad faith, you may either get in touch with the California Department of Insurance or an experienced insurance lawyer in Victorville.

• Does a life insurance policy become community property if someone gets divorced in Victorville?

  A life insurance policy becomes community property if someone gets divorced but only if the insurance was purchased during the marriage. In Victorville, designating a former spouse as the beneficiary of a life insurance policy before or during marriage is generally valid, unless:

  • The property settlement or divorce decision states otherwise.
  • Policyholders change beneficiary designations.
  • Insurance contracts nullify beneficiary designations following divorce.
  • The former spouse lawfully relinquishes the 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.