If you are a male and are looking for a life insurance policy in California, you need to learn about the different types of polices available, compare the best rates, choose the right agent, and look at the financial strength of the insurance company.
Different Types of Life Insurance Policies
The two most basic life insurance policies are:
•Term life insurance provides coverage at fixed rate of payments for a specific period of time. You can choose a specific term that best suits your needs. Term insurance is the least expensive way to protect your dollar for dollar.
•Permanent life insurance is intended to pay out a death benefit in all cases; however the premiums are much more expensive when compared to term insurance.
To learn more about the different kinds of insurance, click here.
Sample Rates For a Healthy Male In California
Rates are based on a non-smoker, Preferred Plus rating class. Your rate could be lower or higher based on your age, health and other factors.
$250,000 20-Year Level Term
40-Year Old Male= $19.58 mo. with an A+ rated company
$500,000 20-Year Level Term
40-Year Old Male= $33.93 mo. with an A+ rated company
$750,000 20-Year Level Term
40-Year Old Male= $48.29 mo. with an A+ rated company
$1,000,000 20-Year Level Term
40-Year Old Male= $61.77 mo. with an A+ rated company
California Term Life Insurance Laws and Regulations
Each state has very specific term life insurance laws and regulations. A few of the California laws and regulations are that those seeking insurance get a minimum of ten days to change your mind and receive a full refund of all premiums paid toward a term life insurance policy after your purchase. Ten days is minimum, but many companies give you one month (or 30 days) to change your mind. This return policy give those who are uncertain about the policy they chose to have a free trial period or even time to keep shopping out the best policy for their needs. To learn more about term life insurance visit here.
Aside from a free trial period, all California term life insurance claims should be settled within 30 days after the proof of death is given to the insurance company. If carriers take longer than 30 days to pay out the benefit, the face value may accrue interest, which would also be paid out to the beneficiaries.
Third, the insured receives a 30-day grace period for late payments. This is particularly beneficial because the insured does not have to worry about their California term life insurance policy being cancelled should they simply forget to pay the bill. The grace period gives you the peace of mind that your policy will not be cancelled without notice.
Last, should your licensed insurance company declare bankruptcy or close down due to assets falling below their liabilities, the California Life and Health Insurance Guarantee Association will compensate you in the event that your policy is lost. Reimbursement for a single death benefit may not exceed 80% of the cash value for $250,000 per insured individual or $100,000 in net cash. These limits hold true even if more than one policy is held on each individual.
To be guaranteed compensation under the California Life and Health Insurance Guarantee Association (CALIFEGA), your insurer must be licensed in California and your policy payments must current.
What To Do Next?
California residents should use the quoting engine on this site to ensure they find the lowest possible rate.
See what your rate will be, click here!
*Rates as of 01/30/2013. The information in this post is for informational purposes only and is not a guarantee of rates and insurability. Rates and eligibly are subject to the underwriting guidelines of the insurance companies and state in which you live