Best Life Insurance Companies in Reno

FAQs

• How much is the whole life insurance premium in Reno?

  The cost of whole life insurance premiums in Reno depends on several factors, including the policy buyers' health, age, gender, and the type of coverage they purchase. For instance, females aged 35-50 with $5,000 whole life insurance pay between $11 and $14 monthly rates, while males with the same age and insurance plan pay between $12 and $17 monthly. Meanwhile, females 60-80 years old with a $100,000 whole life insurance rate have to pay $304-$956 monthly, and males have to pay $412-$1,320 monthly.

• In Reno, what are the factors to consider in determining life insurance coverage?

  Life insurance companies in Reno consider the policy buyer's income, the age of their children and their special needs, and if they have will or trust to determine the right coverage. They also use assessment tools to analyze the individual's needs and situations and interview them to ask if they have savings or inheritance, their spouse's job, and how much is their net worth.

• Can a life insurance policyholder in Reno designate multiple beneficiaries?

  Yes, they can. Policyholders in Reno can have a per capita approach in naming multiple beneficiaries, which allows these individuals to divide the benefits among themselves. And if one of the named beneficiaries dies, their share will be distributed among the other members. Those with life insurance plans can also use the per stirpes approach, where the supposed benefits for the deceased beneficiaries will be divided among their descendants.

• Why do life insurance agencies in Reno deny a claim?

  Life insurance companies in Reno may deny claim and death benefits for policyholders who died within the contestability period and withheld crucial details. For instance, insurers deny death benefits for individuals who omit information about smoking during the application and die due to lung cancer. They can deny claims for policyholders who died of suicide or those who committed murder to cash out the policy. Additionally, they can refuse to provide death benefits for holders with unpaid premiums and beneficiary problems.

• Where to report fraud against a life insurance agency in Reno?

  Residents of Reno must contact the Nevada Attorney General's Insurance Unit at 775-687-2100 or email them at AGCOMPLAINT@ag.nv.go to report a fraud or a suspected one against a life insurance company. Complainants can also fax the office at 775‐684‐1108 or visit them at 100 N. Carson St., Carson City, NV 8970. The Attorney General's Insurance Unit is the division of the Attorney General's Bureau of Criminal Justice responsible for investigating and prosecuting insurance fraud.

• 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.