Affordable Term Life Insurance in California

Californians generally lead very active lifestyles. They know that some type of life insurance is essential. With the state having such a high cost of living, Californians want their surviving family to maintain the quality of life they currently enjoy. It is important to realize that there is an affordable term life insurance policy offered specifically to the residents of California. Apply online and we’ll provide you with a term life insurance quote free with no obligation.

Rules for Policy Owners with Term Life Insurance in California

The following rules apply to those who own term life policies in California:

1. California term life policies do not cover suicide for the first two years of coverage. If the insured commits suicide prior to that, the carrier would send the beneficiaries a 100% refund of all premiums paid within that two-year period.

2. California term life carriers may deny coverage if an applicant misrepresents or falsifies statements on their application. Carriers may choose whether to return premiums paid by that applicant.

3. Financial projections (Insurance Illustrations) are permissible in California. The financial projections are regulated by the insurance department of California.

Guarantees for Term Life Insurance in California

Each state has very specific term life insurance laws and regulations. A California term life policy guarantees:

1. Those that purchase term life insurance in California get a free trial period. The insured gets a minimum of ten days to ask for a full refund of all premiums paid toward a policy. Many companies give you 30 days – no questions asked.

2. All California insurance claims must be settled within 30 days after proof of death. If the benefit takes longer than 30 days to receive, the face value may accrue interest, which would be added to the payment.

3. There is a 30-day grace period for late payments. The insured does not have to worry about their California term life insurance policy being cancelled if their payment is delayed.

4. If your life insurance company is based in California and they declare bankruptcy, the California Life and Health Insurance Guarantee Association (CALIFEGA), pays you in the event that your insurance policy is lost. Things to keep in mind: reimbursement for a single death benefit may not exceed $250,000 per insured individual or $100,000 in net cash. These limits apply even if more than one policy is held by an individual. Your insurance carrier must be licensed in California and your policy payments must be current.

Leave a Reply

Your email address will not be published.