California Life Insurance

According to recent studies, only 40% of California families currently own any type of California life Insurance. This is due to the downturn of the economy which has caused families to cut back on expenses they deem less important. Unfortunately, the typical family doesn’t fully understand what life insurance does, how it works, and how affordable it is. This article will give you the opportunity to fill a void you may not have given enough consideration.

Why Buy California Life Insurance Anyway?

 Most people probably understand the basic concept of life insurance, but in our busy schedule of life we sometimes water down the true benefits in our minds, which in turn reduces our subconscious need for it.   In a recent study, 100 head of households (men and women) were asked, “What is life insurance?”. The standard answer was, “That is when you have a contract with an insurance company to give your family money when you die”. Based on that answer it is not hard to see why one would think they don’t need life insurance right now. So what is wrong with that answer you ask? Isn’t that what life insurance is? Absolutely, that is what happens – your family will get money if you die prematurely.  That statement, however, sounds like it’s on the same level as, “If I play the lotto and win my family will get a check.” So let’s amend that. Life insurance can provide my family with money if I die prematurely so that they can manage financially without my income that will no longer be coming in. Wow, now it sounds urgent – and it should because it is. California Life insurance is an expression of love towards your family and lets them know that even if you’re not around you wish them the best in life and have taken steps to ensure just that.

Buy California Term Life Insurance or Whole Life Insurance?

California Term Life Insurance is type of life insurance which provides Term life insurance policy for a specific period of time at a fixed premium. For example California Term Life Insurance can be in length of 5, 10, 20, 25, 30 years. After your California Life Insurance period expires, insured will not be able to purchase coverage at the same rate and you must either forgo your term life policy or you can purchase new life insurance policy but it will cost you much more. If the insured dies during the term of the term life insurance policy, the death benefit will be paid to the beneficiary. Also, Term Life insurance is the least expensive way to purchase Life Insurance in California,  Term Life insurance cannot be used for estate planning or retirement purposes, it can be used only to replace some income for your family.   California Term life insurance is typically the most affordable life insurance option. Many families will choose a term life Insurance policy because they usually offer low premiums and can provide a significant level of protection in the event of untimely passing.

  If you need to findout exaclty how much life insurance protection will be needed, our life insurance calculator can be completed in just minutes and is thorough, taking into consideration the common life financial situations that may need to be funded by a life policy.   There are other types of California Life Insurance policies you can purchase, for example: whole life insurance, universal life insurance, variable life insurance, Senior Life Insurance, which guarantee life insurance protection for the lifetime of the insured individual.   Many permanent life insurance or whole life insurance products also accumulate cash value over the life of the CA life insurance contract, which is available for withdrawal after some years by the insured under specific conditions. However, permanent California life insurance or whole life insurance policies can be very expensive. Most of the financial advisors advise buying term life insurance and invest the difference in to tax-deferred IRA’s or Annuities.

Typical Uses of California Life Insurance

There are many ways California Life Insurance can be used but we are going to limit the discussion of life insurance as it pertains to income replacement for a family with or without children. As mentioned before, a life insurance policy is often taken out to replace the income after the loss of a breadwinner. These funds can be used to pay burial expenses, pay off the mortgage and other debts, pay for education expenses (including college), and help fund a retirement account for the surviving spouse. The money helps your family maintain their current standard of living without you.

Will I Even Qualify?

If you are overweight, smoke, have a medical condition (even diabetes or high blood pressure), or  have been previously denied coverage, you will need to work with a California life insurance specialist who is a broker to help you obtain a policy. Not to worry though, because unlike an agent a California  life insurance broker is well versed in dealing with multiple life insurance carriers and multiple products. Once your broker reviews your situation they will know the best route to take to put the appropriate policy in your hands at the best possible price. One way your sales professional will help you qualify for life insurance is to select a policy that has Medical Underwriting or No Medical Underwriting. If they believe that given your health situation you may qualify for a premium rate if you agree to a blood and urine test they may suggest you do what is called a Paramedical exam.

If you are healthy and just don’t like medical exams, or it is not in your best interest to avoid traditional health questions you can opt for a No Medical life insurance plan. A No Medical plan is where the insurance companies ask limited health-related life insurance questions, look at your medical history, and then make a decision from that  whether or not to provide you with coverage. There are even plans called Guaranteed Issue plans that will guarantee you coverage after a waiting period of one to three years based on a few health-related questions. Recap

Partly due to a downturned economy, most families either do not have any life insurance coverage or don’t have adequate coverage. In times like these it is expected for one to keep watchful eye on expenditures and to cut back where you can. After understanding how valuable a California life insurance policy is should you die prematurely, you should give it high priority in your household. Remember, life insurance is not just money for your family when you die.  Life insurance can provide my family with money if I die prematurely so that they can manage financially without my income that will no longer be coming in.

How Easy It Is To Buy

You can actually get an idea how affordable a California Life Insurance policy is from the comfort of your home. Use the simple form to enter in your profile and hit Submit. A split second later you will see your quotes populate on the next page displaying top rates from multiple insurance carriers and plans. Your final step will be to request an application and a licensed life insurance professional will contact you and guide you towards a life insurance policy. It’s that simple.

So, if the only California Life Insurance you have is the group life insurance policy you have at work (which in most cases is only around $30,000) it’s time to shop around to supplement that with an individual policy. Your funeral expenses alone could easily eat up half of that amount. To get an idea how much life insurance you need use our life insurance calculator or contact CaliforniaTermQuote.com. Our life insurance calculator can be completed in just minutes and is thorough, taking into consideration the common life financial situations that may need to be funded by a life policy.

If you’d like more information about California Life Insurance, California Term Life Insurance or to speak with an appointed with an insurance professional, please call California Term Quote  at 323.620.6226.