Best Life Insurance Companies in Mountain View, CA

FAQs

• What are the uses of the proceeds of a life insurance policy in Mountain View?

  The proceeds of a life insurance policy in Mountain View are usable for any expenses incurred by the beneficiaries after the insured passes on. These include payment for a college education, the funeral expenses of the deceased, the payment of a debt, or an inheritance for the descendants as part of an estate plan.

• How does one in Mountain View determine how much life insurance to get?

  A resident of Mountain View should look at all the expenses the beneficiaries will be left with upon death, like outstanding debts, daily expenses, and mortgage payments. If these outweigh the sum of the insured's income and assets, the difference represents the amount that insurance should fill.

• Is it sufficient to rely on the life insurance product given by an employer in Mountain View?

  While it is good in Mountain View to have life insurance coverage from one's employer, it is risky to rely solely on this because the coverage depends on one's staying with the job. Life insurance coverage ends whenever there is a job or profession change. Having one's own and separate coverage not related to one's employer is always recommended.

• When is it preferable in Mountain View to select term life over whole life insurance?

  It is preferable in Mountain View to select term life insurance over whole life if the insured only needs coverage for a set amount of time. Some individuals only wish to be insured for as long as it takes to raise kids to adulthood, for example, and in these cases, it is excessive to acquire whole life plans.

• What is the cash value in Mountain View life insurance policies?

  The cash value in Mountain View life insurance policies refers to the savings component of a permanent life plan. These are sums built up over time and which the holder may withdraw against while alive if there is a need to spend the proceeds early. You will receive less in death benefits if you take out the cash value before passing away.

• 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.