Best Life Insurance Companies in Fresno

Frequently Asked Questions

• Why shouldn't a Fresno resident wait too long to buy life insurance?

  If a Fresno resident waits too long to buy life insurance, they might find that their premiums can significantly increase. This is because a person who does not get life insurance until they are older is more likely to have health problems and a higher risk of passing away. Once they become a higher risk for the insurer, the latter then increases the price of the premium to compensate.

• What are the various types of non-variable Fresno life insurance?

  Fresno term life insurance is the most affordable and is designed to provide benefits upon death at 5, 10, and 20 years. Whole life insurance covers the policyholder for their lifetime, offering guaranteed same-rate premiums and cash value that accumulates with time and may be borrowed against. Universal life insurance, another permanent life insurance, has flexible premiums and cash value that accumulates and may be accessed in the future.

• What are some of the unique features that Fresno life insurance laws have?

  Unique features of state laws on life insurance involve grace periods that mostly favor Fresno policyholders. The 10-day free-look period lets new policyholders cancel a policy with no penalties. A 60-day grace period allows policyholders to pay late premiums with no penalties, with coverage remaining active. Insurance companies must settle a claim within a 30-day settlement period after obtaining proof of death. Also, a two-year contestable period also allows insurers to challenge potentially misrepresented or fraudulent claims.

• How much does a 1-million-dollar life insurance in Fresno cost per month?

  Research has shown that a male with an age of 30 years old may buy a term life policy valued at 1 million dollars for 20 dollars per month. Meanwhile, a woman may purchase a policy having the same coverage for 17 dollars a month. A 1-million-dollar Fresno life insurance policy may cost differently per month depending on several factors, which determine the price of the premium.

• Do most Americans understand Fresno life insurance?

  According to a study by LIMRA or the Life Insurance and Market Research Association, most Americans do not understand Fresno life insurance. In an exam about life insurance that consisted of 10 questions and was given to 4,000 people, only 1,200 passed. Most participants did not answer half of the questions correctly, and less than 1% of those who got a good score correctly answered all questions.

• 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.