Best Life Insurance Companies in Lakewood, CA

FAQs

• Are there any life insurance products in Lakewood that have an investment component?

  Yes, there are certain permanent life insurance products in Lakewood that contain an investment component. Variable and variable universal policies cover the insured's entire life and have both a cash value and an investment portion for those who wish to extend their portfolios beyond conventional money-growing options.

• In Lakewood, what is the difference between whole life and universal life insurance?

  In Lakewood, a whole life insurance policy is a permanent product that covers a person's entire existence, has cash value, and has premium payments whose values are unchanging and inflexible once set. Universal options are essentially the same, but the premium costs are flexible and adjustable based on income and paying ability.

• How can residents of Lakewood lower their life insurance premiums?

  Residents of Lakewood may lower their life assurance premiums by being healthy and refraining from hazardous hobbies and vices such as smoking. Being in the correct weight is also helpful, as insurers are looking for clients who are far from death and likely to live for a long period.

• Why is it safer to get insured sooner rather than later in Lakewood?

  The older a person gets in Lakewood, the more expensive life insurance gets. Insurers are reluctant to give lower rates to the elderly because they are statistically very close to death and payouts will be due before enough premiums have been extracted to make the contract worthwhile for the company.

• Who should get life insurance in Lakewood?

  In Lakewood, those who need to get life insurance extend to those on whom others depend upon for support and care. The policy serves as a safety net in case the insured dies and ensures those left behind will have enough cash to carry on their daily lives even if their benefactor passes.

• 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.