Best Life Insurance Companies in Santa Rosa, CA

FAQs

• If you were significantly overweight when you initially purchased life insurance in Santa Rosa and then lost a lot of weight, would your premium decrease?

  Insurance rates are higher if you have an obesity problem since life insurance companies will view you as a high-risk client, but if you were significantly overweight when you initially purchased insurance and you fought diligently to lose a considerable amount of weight, you could reapply to your insurance provider in Santa Rosa. They will evaluate your risk again, which can result in receiving a cheaper premium.

• Does smoking have an impact on the cost of life insurance in Santa Rosa?

  Smoking could significantly increase the cost of your life insurance in Santa Rosa, meaning you will pay a greater rate than non-smokers if you bought coverage while you were still smoking. However, if you have successfully quit smoking since purchasing your life insurance policy, you are eligible for their non-smoker rate. If you haven't smoked for a year, you can start receiving the price reduction.

• Are you allowed to donate your life insurance plan in Santa Rosa to a charity?

  Yes, it is legal for you to donate your Santa Rosa life insurance policy to a charitable organization. You can accomplish this by designating the charity as the recipient of your life insurance plan, sending an annual contribution in the form of dividends, and transferring the ownership of your policy.

• Can a will replace the authority of a life insurance policy in Santa Rosa?

  In Santa Rosa, a life insurance policy's power cannot be replaced by a will. The beneficiary named on the life insurance plan often has the right to receive the payment regardless of the wishes expressed in the will. It is recommended to designate a secondary beneficiary on your policy in case the main beneficiary is unwilling or unable to accept the money.

• What action can you take if your health prevents you from acquiring typical life insurance in Santa Rosa?

  If you are unable to obtain traditional life insurance in Santa Rosa due to your poor medical condition, you should purchase guaranteed-issue life insurance because this type of coverage doesn't require you to go for a medical checkup. Although these policies may cost more than traditional ones, they provide options for individuals who cannot medically qualify for conventional life insurance.

• 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.