Best Life Insurance Companies in Bend

FAQs

• What are the advantages and disadvantages of term life insurance for people living in Bend?

  Term life insurance is a good choice for Bend residents who want to give money to their loved ones when they pass away but do not have a lot of money for insurance payments. The payments for term life insurance are cheaper, and individuals can decide how many years they want to be covered. However, term life insurance does not let people invest their money. There will not be any payment if policyholders live longer than the coverage period.

• What are the primary factors that insurance companies consider when determining life insurance rates in Bend?

  In Bend, life insurance providers factor in various variables, such as age, gender, and medical history, when determining insurance premiums. Insurance providers also factor in the type of coverage selected by applicants, which can be either whole life or term life insurance. Acquiring life insurance becomes more expensive as individuals age due to declining health and an increased likelihood of an earlier death. On the other hand, younger individuals tend to enjoy more affordable rates, given their lower risk of premature death.

• What optional riders are available to Bend life insurance applicants and policyholders?

  Residents of Bend can customize their life insurance policies by incorporating various riders, including the accelerated death benefit for terminal illness. This rider grants access to a portion of the death benefit in case the policyholder receives a terminal illness diagnosis. Individuals may also consider the unemployment cost waiver rider, which eliminates monthly insurance deduction expenses if the policyholder experiences unemployment.

• What are the cash value benefits of universal life insurance policies in Bend?

  In Bend, universal life insurance policyholders can get money from their policies whenever they want, which can help if there is an emergency. After having the policy for 10 years, they can get a special loan based on the cash value, and there is no extra interest added. After the first policy year, the insured can take out up to 10% of what they have saved without having to pay extra charges.

• What key aspects of Oregon's insurance regulations should both life insurance policyholders and insurers in Bend be familiar with?

  According to Oregon regulations, residents of Bend who hold life insurance policies are granted a 30-day window within which they can secure a new policy if needed. Additionally, policyholders are given a 31-day grace period to settle any overdue life insurance premiums. Insurers are also prohibited from canceling a policy within the first two years if there was an error on the initial application.

• 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.