Everything is more expensive in California. And Since people make more money in California, everything cost double. So when it comes to life insurance in California, it results in a very different calculation.
Whole life insurance is a long-term investment that gives you lifelong coverage. Whole life insurance also costs more because it’s designed to build cash value. It combines both an investment account and policy into one; providing powerful financial protection while offering opportunities to grow their money over time.
Term life insurance is becoming more popular in recent years. In fact, the vast majority of Californian's are now purchasing term life insurance instead of whole life insurance. And for a good reason - it's inexpensive!
Why Choose Term Life Insurance in California
Term life insurance is an inexpensive way to protect your family from tragedy. More people, especially in California, are switching over. Because everything is so much more expensive in California, you could see why people are looking for places to cut costs down - even when it comes to life insurance.
Term life insurance in California works really well for those who:
Have young families (daycare, school, Disneyland!)
Trying to pay off your mortgage or paying your rent (housing is outrageously expensive in California!)
Providing for children who are in college (universities costs upwards $50k per year!)
Life Insurance Companies in California
Estimating life insurance is tricky because the actual rate could differ from your quoted rate based on your health, lifestyle, and multiple other factors.
We put our skills to the test. Below are the "best of" California life insurance categories, according to MoneyGeek vs EGGRS top-rated insurers.
Best Life Insurance Rates for Young People in California
If you're looking to save money, buying a life insurance policy while you're young is great method due to your relatively low risk of death. On average, the least expensive options for life insurance in California are:
** EGGRS quote based on 20 year, $360,000 term for a 25yr old male non-smoker in CA.
Best Life Insurance Rates for Smokers in California
Health factors are considered when life insurance companies give you a quote. On average, your life insurance premiums in California will be noticeably higher if you are a smoker. The most affordable life insurance companies for smokers in California are:
** EGGRS quote based on 10 year, $250,000 term for a 36yr old male non-smoker in CA.
California Life Insurance Laws (you should know)
If you live in California, you should familiarize yourself with the state's life insurance laws before you buy life insurance so you can benefit from them as a consumer. Below are the life insurance laws in California that you should know.
Free Look Period
In case you change your mind about the policy you have chosen, California allows a“free look period” of up to 10 days. If you decide that your policy does not fit your needs, you can change your policy within the 10 day period without any cost.
California law prohibits a provider from canceling a claim in the case of late payments during thegrace period. During this time, usually about 30 days, the grace period is an extension of your due date. Consumers are required to settle any missed payments during this time.
Allowable Timelines to Settle a Claim Law
This law requires that a provider must pay the claim within 30 days of the submission of a death document. The provider will be charged an interest fee in the event the claim isn't paid within this period.
If a provider finds inconsistencies or falsehoods in the insured’s provided information thecontestable periodallows them to invalidate a claim. In California, the contestable period extends up to two years after the issuance of the claim. After investigation during the contestable period, they may be able to reduce coverage or even deny a payout.
California Insurance Code
Under theCalifornia Insurance Code, you can always require your agent to provide you a copy of the presentation of policy offered to you (CIC 10509.4) as well as an undersigned document whenever there are any changes in your policy (CIC 10509.6).
Protection of Life Insurance Benefit in California
There is a law in California that protects up to 80% of the face value of a person's collective life insurance coverage.
Life Insurance in California with No Medical Exam
Getting life insurance without a medical exam is a trending topic of conversation. You can now find $500k term life insurance policies with no medical exam in California. No-exam life insurance makes getting life insurance more simple: no waiting, no blood tests, no medical exams.
The top 5 no-exam life insurance companies are Haven Life, Ethos, Ladder, Wyshbox, and Nationwide.
Life Insurance for Marijuana Users in California
Now that marijuana is legal in California, there are now plenty of options for life insurance for people who use marijuana both medicinally and recreationally.
Plenty of life insurance companies will give marijuana users a tobacco & cigarette smoker life insurance rates. Marijuana friendly life insurance companies will offer non-tobacco rates for marijuana users in the state of California.
How to Apply for Term Life Insurance in California
EGGRS makes getting an online quote for life insurance easier than ever before. No agent, no exam, and it takes less than 15 minutes start to finish. Once the application is submitted, you will receive your online quotes instantly. EGGRS is a California based insurance solution company and works with only the most highly rated insurers.