California Term Life Insurance Rates
Term life insurance is a very popular insurance product. If you are looking for ways to protect your family financially in the event of your death then term life is a good choice. California term life insurance rates are very similar to those in other areas of the country and if you are planning to purchase term life in California there are a few things that you should keep in mind when choosing your policy. There are ways to ensure that you get the lowest possible term life rates for your needs. There are a few insurance related laws in California that you should be aware of when choosing your policy.
Term life insurance policies in California do not cover suicide for the first two years of the policy. This can be much longer depending on the specific policy. If a suicide does occur in the first two years then the beneficiary will receive the entire amount of premiums that have been paid into the policy. If any information is falsified on the policy then the company that provides the policy has the right to deny coverage completely or to deny the claim to your beneficiary.
When you purchase term life insurance in California you are given a ten day trial period for free. Many companies in the state provide a thirty day trial but they are required to give you at least ten days to ensure that you are completely satisfied with the policy before you actually purchase it. The insurance company also has thirty days after being provided proof of death in order to settle your insurance claim. If the claim is not settled in this time period then the company is responsible for paying interest on the claim amount. You also have thirty days in which to make your account current if you miss a payment. After this thirty day time period the insurance company has the right to cancel the policy.
If you decide to purchase term life insurance from a California company and that company goes bankrupt before your claim can be paid then you are entitled to up to $250,000 in death benefits that are guaranteed by the California Life and health Insurance Guarantee Association. If you do decide to purchase term life insurance in California there are ways that you can ensure that you are getting the best rates for your policy. You should ensure that you are researching various companies. Never go with the first company that you find. Comparing rates is the absolute best way to find the lowest California term life insurance rates. Choose companies that are reputable and compare rates and policies to find the best coverage.
You can visit several websites for companies that offer term life in California. Take the time to read over the policy specifications from each company site and choose the policy that best suits your needs. You can also get answers to more specific questions as well from the company sites. Keep in mind that in order to get the lowest rates you should purchase only the amount of insurance that you actually need. If you purchase a large amount of insurance then you will be paying higher premiums. Before you begin researching various companies take the time to determine just how much coverage you will need and then choose a policy based on that amount. Many experts agree that the amount of term life insurance coverage you need is typically five to ten times your annual income before taxes are taken out. However, you may find that the more coverage you choose the lower your insurance policy will actually cost. Some companies charge less to sell you more coverage. This is another reason why you should take your time and compare various companies and California term life insurance rates and policies to find the best coverage.
You can likely save on your premiums if you purchase your policy in a lump sum or make annual payments as opposed to monthly or quarterly payments. Check with various insurance companies to see what discounts are provided if you pay your premiums once each year as opposed to splitting it up into twelve consecutive payments.