How Much is Life Insurance in California?
Life insurance in California , on average, costs $20-$60 per month while you are younger and $200-$400 after you turn 50.
The cost of life insurance in California will largely depend on:
- your age,
- face value of life insurance (death benefit) you want,
- type of life insurance policy,
- chosen extra options (riders), and
- chosen life insurance company.
The prices of life insurance in California are regulated by the California Department of Insurance, with nearly 300 life insurance companies from California and other states offering policies to state’s residents. Meanwhile, the costs of coverage you may find across different offers can fluctuate based on how each life insurance company packages the offering.
Make sure to carefully compare and review the options with the help of a licensed and experienced California life insurance agent who has access to multiple competing life insurance companies and plan types. Agent’s advice on how to buy life insurance, comparing California life insurance quotes, and applying for coverage are free for you.
The cost of life insurance in California is described in the following sections:
The Average Cost of Life Insurance in California
The more features you add to the basic term life insurance policy, the more expensive it will become. Similarly, the more death benefit you add, the cost increases proportionately. For example, if you add an option to be able to convert Term life policy into a Permanent life at a later date (known as the Convertibility Option), the price will increase by 10% or more.
Permanent life insurance costs more than the temporary Term life insurance. The price difference can be five-ten times more, depending on the options.
| CALIFORNIA Average Cost of Life Insurance by Age | |||
| Age | $250,000 coverage | $500,000 coverage | $1,000,000 coverage |
| TERM LIFE | |||
| 18 | $14 - $17 | $20 - $27 | $32 - $42 |
| 25 | $13 - $16 | $20 - $25 | $29 - $38 |
| 35 | $14 - $17 | $22 - $27 | $37 - $44 |
| 45 | $26 - $31 | $45 - $55 | $74 - $98 |
| 55 | $54 - $72 | $100 - $136 | $182 - $253 |
| 65 | $162 - $240 | $311 - $470 | $537 - $830 |
| 70 | $366 - $408 | $705 - $791 | $1,100 - $1,500 |
| WHOLE LIFE | |||
| 30 | $185 - $215 | $375 - $425 | $730 - $830 |
| 40 | $260 - $330 | $520 - $655 | $1,030 - $1,300 |
| 50 | $420 - $540 | $839 - $1,060 | $1,670 - $2,100 |
Remember that while online life insurance quotes can give you an estimate of what you may pay for a basic life insurance policy, only a California-licensed life insurance agent can give you a precise quote based on your personal information and coverage needs.
Before buying life insurance in California, it is important that you decide on the:
- PURPOSE you need to achieve with your new life insurance policy (Retirement, Living Benefits, or just Death Benefit),
- COVERAGE amount of life insurance you need, to accomplish your needs and goals,
- TYPE of life insurance that will accomplish your needs and goals at the best cost,
- AMOUNT you can afford to pay for premiums for the duration of the policy.
Speak with a licensed California life insurance agent who can show you how to calculate life insurance needs. An agent guides you in making these decisions and finding best life insurance for your needs at the lowest cost.
How Much is a Million Dollar Life Insurance Policy in California?
A million dollar life insurance in California, on average, costs $100-$1,000 depending on your age.
The cost of a million dollar life insurance policy will increase the longer you wait to get it. A million dollar life insurance policy is simply a guarantee by an insurance company to pay your chosen beneficiaries a million dollars upon your death. An 18 year old California female without any health issues, could get a million dollar Term life insurance policy for around $30 per month, while an elderly person of retirement age, who just now decides to get a million dollar policy, could be paying several thousands of dollars each month for the same amount of coverage. You can also purchase a million dollar whole life or universal life insurance policy with cash value components. However, bear in mind that if you take advantage of the living benefits, any outstanding sums will be deducted from the death benefits to be paid out.
Pricing of policies and quotes should be discussed only with California-licensed insurance agents. The cost of life insurance coverage will be based on your age, gender, and health. Do not wait until you are too old to afford a 1 million dollar life insurance policy - speak with a life insurance agent of your choice and do it before your next birthday. Otherwise the price will likely go up once again.
Can I Get Free Life Insurance in California?
You can get free life insurance from some California life insurance companies, but they usually last for a short period of time and typically come with specific non-negotiable criteria laid out by the insurance companies for the insured and beneficiaries. Some California employers and organizations also provide life insurance coverage for employees or members, and if you work or belong to such an establishment, you may get free life insurance. Your coverage usually stops as soon as you leave the employment or stop the membership in the organization that paid for your life insurance.
Additionally, businesses may choose to purchase a particular type of life insurance known as keyman life insurance for specific persons in the company. Under this kind of arrangement, while the employee is insured and does not pay anything for coverage, the company is the owner of the policy and will decide how to use the death benefit.
To get the best price on life insurance in California, speak with a state-licensed life insurance agent today.
