Best Life Insurance Companies in Alhambra, CA

FAQs

• What are the benefits of having credit life insurance in Alhambra?

  Credit life insurance would benefit primary breadwinners in Alhambra who have family members relying on mortgaged assets such as their home and car. It is designed to provide funds and pay off the insured's debts. It can also be beneficial in situations such as debt involving co-signers.

• What should you do if an existing medical condition limits you from purchasing life insurance in Alhambra?

  Get in touch with an impaired risk specialist in Alhambra. These professionals are independent insurance agents with experience helping high-risk individuals, such as those with cancer, diabetes, and depression. You can also buy guaranteed life insurance, which does not consider medical conditions as a factor for policy approval.

• Is life settlement legal in Alhambra?

  Life settlement, or the process of selling life insurance to an authorized third party, is considered legal in the state and is regulated by the California Department of Insurance. It usually involves the policy owner selling their life insurance to a licensed life settlement broker or company for a one-time cash payment. The sum of money policy owners in Alhambra can get is lower than the benefits they can get under customary conditions.

• For estate planning purposes, when must you have life insurance in Alhambra?

  Consider having life insurance when you recently started a family or made a significant purchase, such as a home or other high-value assets. Remember, life insurance is cheaper when you are younger and will cost more as you age. When you already have in mind to plan your Alhambra estate, it is ideal that you already have life insurance or purchase one promptly.

• Can the premiums you paid be recovered if your insurance company in Alhambra goes out of business?

  Life insurance premiums in Alhambra are guaranteed by the California Life and Health Insurance Guarantee Association, which means that even if your insurance company goes out of business, you will still get coverage as if the insurer is operating. The association will transfer your policy to another insurer, or another company will take over the business.

• 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.