What Life Insurance is Best for Me in California?

What is the best life insurance: The best type of life insurance in California for you can be determined by various factors, such as:

• type of coverage you need,
• intended duration of the policy,
• Intended use of the policy (do you want it as a financial tool that is also a life insurance or do you want life insurance strictly for it’s death benefit),
• health conditions,
• and the insurance provider.

You can purchase a term life insurance policy if you need coverage for just a specific period of time. For example, if you have some loans or financial obligations which you want to be repaid in case of your sudden death (mortgage, credit cards) - term life is usually the best option. If you want to make sure that your children are guaranteed to have college money if you die and can’t pay it for them, term life is also the best option, because in both options you know the maximum term of coverage.

Alternatively, if you intend to have protection for your entire life, a cash value life policy may be a better option, especially if you can start it while you are young and at the lowest possible cost. Permanent life insurance becomes a financial tool, somewhat like your personal bank while you are alive, and after you die it pays the death benefit to the ones you leave behind.

Speak with a California-licensed life insurance professional to discuss how to buy life insurance wisely based on your needs.

Which Life Insurance is the Cheapest in California?

The cost of life insurance differs depending on many factors. However, the cheapest life insurance in California is generally term life insurance, which costs less than permanent cash value life insurance. This is because term life insurance policies are expected to expire at a defined period and do not include a cash value component. Term life insurance policy premiums are lower when you are younger and increase upon renewal as you age. It only pays death benefits to your designated life policy beneficiaries if you die before the term expires.

Speak with a knowledgeable life insurance, who has access to multiple insurers - to help you get the cheapest life insurance in California based on your needs.

What Life Insurance Policy is Best for Seniors in California?

With the growing senior population in California, there are currently around 6 million seniors (aged 65 and older) residing in the state and each one of us has particular senior life insurance needs. For example:

• If you have savings and want to use life insurance as an additional financial tool, to help manage your senior years and utilize the tax-free benefits that do not affect your social security benefits - an Indexed Universal Life insurance may be best for you.

• If you do not have substantial savings, you may want the lowest cost policy, to make sure that you do not leave unpaid bills and funeral expenses for your family and friends to take care of - a Term Life insurance may be best for you (if you can qualify and get it).

  46% of Americans die with savings of $10,000 or less, while the funeral costs alone typically cost over $9,000 in California.

• If you have health issues and you are getting older, it may be challenging to get a life insurance policy. Seniors are generally assumed to have underlying health conditions that may render them more predisposed to health issues and health risks and more likely to die sooner than the younger and healthier population. In this case a Guaranteed Issue or Simplified Issue life insurance may be best.

  73%-74% of all deaths in California fall into the 65+ category (≈200,000 per year).

  Speak with a licensed California life insurance agent to discuss life insurance for parents or to get a senior life insurance quote for yourself. A knowledgeable agent can match your needs with the best senior life insurance for you.

What is the Best Life Insurance For Young Adults?

Best life insurance for young adults in California depends on the desired purpose of the coverage. While the applicant is young the premiums are at the lowest point. They will never get cheaper because with time we are getting older and more expensive to insure.

• If your goal is to lock into the lowest cost with the highest death benefit, then while you are young you can get the best rate for term life insurance. This will ensure that after you die your beneficiaries will not have to worry about money.
• If your goal is to build the cash value of the policy over the course of your life, so you can reap the tax-free benefits of this life insurance retirement plan at an older age, then Index Universal Life insurance is usually the best.

Speak with a state-licensed insurance professional who has access to multiple competing insurers to help you determine what type of California life insurance is best for you based on what you are trying to accomplish.