Best Life Insurance Companies in Eugene, OR

FAQs

• Does a life insurance plan in Eugene have living benefits?

  Yes, aside from death benefits, life insurance plans in Eugene also have living benefits. Permanent life insurance has a cash value, which also serves as a tax-free savings account for the policy owner. Unless the money is withdrawn, the policyholder does not pay taxes on the growth of the cash value. The policy owner may take out a loan against the policy's cash value to help with expenses or even pay for the insurance's premiums or additional coverage.

• Does a person's health condition have an impact when applying for life insurance in Eugene?

  Yes, an individual's health condition has a huge impact when applying for life insurance in Eugene. Insurance providers consider one's health as it correlates with how long they will live. Healthy people are looked upon as having a low risk of early death. In the underwriting process done by life insurance firms, several variables are taken into consideration when assessing a person's health. This includes their age, gender, height, weight, family history, medical history, smoking status, and lifestyle.

• Can you have multiple life insurance policies in Eugene?

  Yes, you can have multiple life insurance policies in Eugene. Getting additional life insurance is beneficial if your number of dependents or assets increases. Rather than paying one uniform premium over the life of one policy, stacking multiple term life insurance policies helps you pay lower premiums over the lifetime of several policies. Moreover, buying policies from various insurance providers gives added protection.

• When should you consider getting life insurance in Eugene?

  Life insurance is intended to provide your family or dependents with financial assistance in the event you pass away. While there is no specific age requirement to get life insurance in Eugene, you should most likely consider getting one if your family relies on your income to pay monthly expenses. It is also recommended to get life insurance at a younger age, as the premiums are cheaper.

• Can you add a minor child as a beneficiary to a life insurance policy in Eugene?

  In Eugene, policyholders have the option to list their minor children as beneficiaries of their life insurance policy. However, this can be difficult because, in the event you die, a judge will need to decide who will control the proceeds. A minor does not yet have the logical thinking to manage his/her own finances; thus, there will be a need to establish a guardian for him/her. The minor beneficiary will only be able to access the policy owner's death benefits by the time he/she reaches 18 years old. Alternatively, you can set up a trust for your minor child's benefit.

• 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.