California Life Insurance

Preparing for the Unexpected: Life Insurance in California

Life is a crazy ride, full of unexpected joys and precious memories. For residents in California, these moments may include driving up Highway 101, hiking in the Mt. Shasta area, or a trip down Hollywood Boulevard. No matter where your unforgettable moments happened, leaving behind a legacy for your family is important. Death is an unfortunate fact of life -- everyone dies -- which makes life insurance a difficult subject. However, life insurance can make a tragic situation easier, by providing for your family after you're gone.

California Living Facts

  • The #1 cause of death in California is heart disease, killing over 39,000 people per year.
  • The #2 cause of death in California is stroke, which claimed more than 19,000 lives in 2013.
  • The average life expectancy for a California resident is 80.37 years, almost two years higher than the national average.
  • Only 44 percent of households had life insurance in 2010.
  • 40 percent of households surveyed admitted that if the main earner in the home passed, they would immediately have trouble paying bills.
  • Only 62 percent of adults say they have life insurance, and 80 percent believe they should have more life insurance than they currently carry.

With these statistics in mind, it's plain to see that it's important to have enough life insurance in place to ensure your family's financial future.

Life Insurance Basics

Life insurance is a policy that offers a benefit to the designated beneficiaries upon the death of the policy holder. Many types of life inurance policies are available. Below is a list of the most common types of life insurance:

  • Whole life insurance: This coverage does not have a policy term, but stays in effect as long as the policy premiums are paid. Whole life insurance pays out a death benefit, but may also grow a cash value.
  • Universal life insurance: Universal life offers your family a death benefit. It also has different investment vehicle options, including the option to pay the premiums out of the investment portion of the policy.
  • Term life insurance: Term life insurance is a policy that remains in effect for a predetermined length of time, such as 10 years, 20 years, or 30 years. This insurance policy does not accrue cash value.
  • Permanent life insurance: Permanent life insurance policies accrue interest, and allow you to have a guaranteed benefit amount.

Additional Life Insurance Options in California

Insurance companies realize that life insurance policies are not one-size-fits-all. Different situations require different coverages. Below is a list of additional insurance types that may benefit you:

  • Cancer insurance
  • High-risk insurance
  • No medical exam insurance
  • Critical illness insurance
  • Funeral-only insurance
  • Insurance riders (disability, loss of life, family income benefit)

Many different life insurance options are available, so before signing on the dotted line, it is critical to compare life insurance quotes and speak with your agent when trying to get the best coverage for your individual situation.

What Will My Life Insurance Quote Look Like in California?

A recent survey by the Life Insurance and Market Research Assocation asked individuals what they believed a 20-year, $250,000 term life policy for a healthy 30-year-old would cost. 80 percent of respondents said $400. The correct answer? $150. Life insurance is an affordable way to ensure the financial future for your spouse and children.

There are many factors that go into calculating your individual rate. When you're shopping for life insurance, be prepared to answer the following:

  • Age
  • Occupation
  • Driving record
  • Income
  • Family details
  • Medical records
  • Medical exam
  • Any tobacco/alcohol/drug use
  • Existing medical conditions
  • Desired benefits
  • Desired riders

All of these factors, plus many more, will be used to give you a life insurance policy quote that's tailor-made for your needs.

Are There Discounts on Life Insurance Quotes in California?

While there are no conventional discounts on life insurance, such as multi-policy or good driver discounts, there are ways to save money on your life insurance. Below is a list of some smart ways to save when shopping for life insurance in CA:

  • Compare rates
  • Choose a shorter term
  • Opt for annual payments
  • Improve your health
  • Enroll in a health program
  • Quit smoking

These are just a few ways to save on the bottom line when it comes to life insurance. Speaking with an agent will help get you a more concrete plan of savings and options before purchasing a life insurance policy.

Protect Your Future With Life Insurance in California

When you decide to start shopping for life insurance quotes, it's a wise idea to get quotes from a local professional. A Trusted Choice® agent is always available to help you find coverage, suggest ways to save, or even help you file a claim. Trusted Choice agents are committed to getting you the best coverage at the right price for your family and budget.

Now, who's ready to get their insurance problems solved?