Best Life Insurance Companies in Hollywood

FAQs

• Can policyholders in Hollywood add living benefits coverage to their life insurance?

  Yes, policyholders in Hollywood can add living benefits coverage for critical injuries and terminal illnesses. Living benefits coverage for critical injuries insures individuals suffering from cancer, paralysis, coma, and traumatic brain injuries. On the other hand, living benefits coverage for terminal illnesses provides lump sum benefits to loved ones of policyholders who have died due to serious illnesses.

• What types of term life insurance are available in Hollywood?

  In Hollywood, individuals and families can purchase level term, renewal term, decreasing term, or convertible term life insurance. Under level term life insurance, both premiums and death benefits are fixed. This coverage usually lasts for 10 to 30 years. Renewal term coverage allows policyholders to renew their policies regardless of their health status. Decreasing term, on the other hand, provides death benefits that decline each year, depending on the predetermined schedule. Lastly, convertible term enables policyholders to make their policy into a permanent plan.

• In Hollywood, what is the difference between individual and group life insurance?

  In Hollywood, life insurance is personally shopped and acquired by individuals from insurance carriers. While on the other hand, group life insurance is provided by policyholders' companies or employers. Both of them offer financial protection in case of unforeseen events, however, individuals cannot use their employer-provided insurance once they leave the company.

• Can you acquire life insurance in Hollywood without having medical examinations?

  Yes, some insurance companies in Hollywood provide life insurance without requiring medical exams. However, because carriers have limited information about their health status, this type of insurance may be more expensive than traditional life insurance. You can also obtain this insurance if your application for coverage with other companies has been denied.

• Can pre-existing health conditions impact life insurance rates in Hollywood?

  Yes, people with pre-existing conditions may face higher life insurance premiums in Hollywood. This is due to the fact that their mortality risk is higher. Lupus, diabetes, obesity, blood and bipolar disorders, heart diseases, Lou Gehrig's disease, schizophrenia, Parkinson's disease, and multiple sclerosis are some examples of pre-existing conditions.

• 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.