Best Life Insurance Companies in Gresham

FAQs

• Can a Gresham resident still terminate their life insurance policy if they change their mind?

  Yes, Gresham residents can cancel their life insurance policy if they change their minds within the free 30-day period allowed by Oregon law. This 30-day period allows for a full premium refund if the coverage is returned and the customer changes their mind. When the insured receives a physical copy of the insurance or contract, the free look period begins.

• Is life insurance necessary for single people in Gresham?

  Singles in Gresham should consider purchasing life insurance to protect an elderly parent they may be caring for or their children if they are single parents. Although single people with no beneficiaries may not need life insurance, they can get it to pay off any outstanding debts that exceed their assets or to cover funeral expenses. Furthermore, purchasing life insurance before the cost rises or someone loses their ability to be covered is a good idea.

• What will a death benefit in life insurance in Gresham entail for the beneficiary?

  The death benefit of a Gresham life insurance policy may help beneficiaries make up for any shortfalls in the payment of the decedent's debts. Funeral and burial expenses, mortgage or rent payments, school fees, and personal debt such as credit card or student loan debt are examples of these. The benefit can also be used to cover daily expenses and compensate for lost wages.

• When is the life insurance death benefit paid out to beneficiaries in Gresham?

  A life insurance payout from a Gresham insurer can take 14 to 60 days to arrive. There are a variety of factors that influence how long a person must wait after filing a claim before receiving a payout. These include the manner and timing of the decedent's death, as well as the policies of the insurance company.

• What are the potential reasons for life insurance claim denials in Gresham?

  Some potential grounds for insurance claims in Gresham being denied are:

  • Cause of death is not covered by the policy.
  • False information on the insurance application.
  • Lack the policy information.
  • Lapse or non-payment of policy.
  • The insured's death is within first two years of a policy or the contestability period.

• 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.