Life Insurance

 

Term Life Insurance in California

Quote and compare the best term life rates in California. Compare which policies offer a 20 yr term and a 30 yr term. The shortest term policy available is 10 yrs . Get expert advice if you use medical marijuana or “pot”. Need a policy that does not require a blood or urine test? We specialize in California and will match the right policy to your needs.

Term life insurance is a disaster management tool for families to protect themselves if something were to happen. A well-planned policy will cover the immediate cash needs in the event of your death, and will help your family maintain their standard of living. Financial experts recommend a policy that is 8-10 times your income and enough to get your children through college or pay off your home mortgage.

The Basics of Term Life Insurance

Term Period and Riders
Term life Insurance comes in 10yr, 15yr, 20yr, 25yr, and 30yr terms and often offer the following riders: Accidental Death, Waiver of Premium, Accelerated Death Benefit, Renewal Provision/Guaranteeed Insurability, and Return of Premium.

Term Insurance for Parents
Parents are the most important to insure so that the family is protected in the event of a death. Term Life Insurance plans are designed as risk management tools to cover that financial loss and continue to “work” after the parent is gone. Term Life Insurance insures you against death for a specified number of years and then ends (the Life Insurance Policy Term).

e.g. If you buy a 20 year term life insurance policy and die in the 12th year, the carrier will pay the full face amount of the policy. If, however, you die in the 21st year, the policy will have expired and you will have no life insurance coverage in force.

The cost of term life insurance is significantly lower than the cost of permanent life insurance policies, because statistically around 3% or less of the industries policy holders die.

Child Riders

Adding a Child Rider to your term life policy will buy you the most coverage for as little as $5 a month. Term riders vary in amount by carrier but they are offered in units of 10 to 20.
Each unit is $1,000 so 10 units would equal a $10,000 rider. It will cover each child in your household as well as any future children.

What if I Smoke Pot?
Are you worried about exams and getting denied? The key with marijuana use is to apply with a carrier that has underwriting guidelines that fit your usage. Most carriers will assign a Standard smoker rate which can be twice as much premium. We have done our homework and recommend the following carriers that can issue a Non Smoker rate: American General, Lincoln National, Prudential, and Mutual of Omaha.

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What if I Chew Tobacco?
Most carriers will place you in the same category as a smoker according to their underwriting guidelines. We have done the research and we have spoken to underwriters at two carriers that will issue “Standard Non tobacco” which can save you around 30% or more percent on your premiums. They are: Prudential and Cincinnati Life.

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Children’s Term Life Insurance

All major life insurance carriers allow you to add a term rider for child life insurance from $2,000-25,000. We have blogged about child riders affording you the most coverage for as little as $5 a month. The rider will cover all of the children in your household as well as future children for a flat amount.

If for whatever reason you don’t have a term policy to add children too or maybe you are a grandparent wanting to take out a stand alone policy for each child, we recommend the following:

Stand Alone Children’s Life Insurance

Cincinatti Life has one of the best policies for $30k or more of whole life coverage between the ages of 0-6 for less than $12/month. The policy can be increased at specific ages with no underwriting. They have an option called a “10 Pay” which means the policy is “paid up” in 10 years. This deters a child from borrowing funds from the policy or cashing it in. Premiums are slightly higher for ages 7-18.