California Life Insurance Quotes & Companies at the Lowest Prices (2021)

California, the home of Hollywood and brilliant dreamers, shares its incredible reputation with its vast scenery and plethora of population. California, with about 40 million citizens, is the most populous state in the United States, after only Alaska and Texas in size. It also comes in second place in terms of life expectancy, with an average of 81 years.

The land of sunshine and professional make-believe is as diverse as it is majestic. It is a one-of-a-kind state with one of the best public healthcare systems in the country. However, many California residents are concerned about their chances of finding affordable life insurance in the state.

Onlineinsurequote.com can assist you in locating the best life insurance provider to meet your needs at an affordable price. It's simple; simply provide some basic information, like as your state of residence and age, and Onlineinsurequote.com will generate a list of quotations from top-rated insurance companies for you to consider.

What Is the Cost of Life Insurance in California?

Not everyone in the state of California can call themselves an A-lister. Life insurance is an excellent alternative for California residents who offer diversity and culture to the Golden State to ensure a legacy for your loved ones or to accomplish financial goals. The California Department of Insurance (CDI) regulates life insurance in the state. Among other things, it approves life insurance prices.

Life insurance is a risk management product. Policyholders pay premiums to ensure against the financial risk of unpaid important debts and financial burdens on their families due to loss of income. Risk management is practised by insurers by categorising applicants as risks and approving or denying applications. Underwriting is the process by which insurers assess an applicant's risk. Once the risk is identified, either a premium is assigned or the applicant is declined. A person in good health who does not engage in dangerous behaviour is a preferred risk who pays reduced premiums. A standard risk is a risk that can be tolerated, and standard premiums are assigned. A low-quality risk is a high risk for the company, and policyholders pay higher premiums as a result.

Life insurance is governed at the state level. The CDI oversees life, car, home, and health insurance, as well as annuities in California, ensuring that insurers keep their premium rates stable and that policyholders pay appropriate premiums. If insurers want to raise their rates, they must first gain clearance from the CDI. Every year, the CDI processes about 8,000 rate applications from insurers.

Should I Buy Online or Meet with a California Licensed Agent?

In the past, insurers used life insurance brokers as their marketing and sales representatives. However, you can now get life insurance from the comfort and safety (particularly during the epidemic) of your own home, with or without consulting with a certified insurance agent. You have a choice: you may not wish to disclose personal information online, or you may require an insurance immediately. Online insurance is a convenient way to obtain coverage.

A Life Insurance Agent's Job

Life insurance agents, whether employed or operating as independent contractors for insurance companies, have explicit authorisation from the insurer to advertise and sell its insurance products. They must adhere to corporate policies and have fiduciary responsibilities to the insurance firm. They also have obligations to the applicant, including remuneration transparency. The life insurance industry is a business, and the people who work in it must be compensated. In California, a resident insurance licence application can cost as little as $0 or as much as $1,000. This does not cover the cost of pre-licensing insurance or the state licencing exam. The CDI licences and controls over 14,000 insurers as well as agents, brokers, adjusters, and enterprises.

The CDI is the largest insurance market in the United States, with $340 billion in direct premiums. So life insurance is big business in California! The CDI grants approximately 215,000 licences, including health insurance licences, and recovers $84 million for policyholders each year by examining consumer complaints. The CDI enforces insurance requirements under the California Insurance Code, which includes producer compensation disclosure.

To earn a California insurance licence, agents must first finish a California prelicensing course, which can be completed online, and then pass the prelicensing exam. They must take the state PSI exam after receiving their certificate of completion before applying for their licence. Agents in California can be licenced in life and health insurance, as well as offer health plans.

A California life insurance agent earns more than $60,000 a year on average. Because sales are sales, this may influence your decision to purchase a life insurance policy from an insurance salesperson. If you want to apply for insurance online, you may still be required to speak with an agent before the application can be completed, or you may choose to speak with an insurance provider's agent.

Online Insurance Application

If you opt to buy insurance online, several reputable insurers have made their life insurance policies available on the web. Some insurers provide no-medical-exam term life insurance, which expedites the underwriting process and allows you to be insured virtually immediately. A no-exam term policy will typically have higher premiums than a fully underwritten term policy.

When applying for life insurance online, you, not an agent, are responsible for educating yourself about insurance products. It is time to browse for plans once you have determined the sort of coverage that best meets your needs and the level of life insurance benefit that you require. The first step is to obtain a life insurance quote online. After you've decided on the best price from the finest firm, you'll need to complete out the company's online application.

If your policy involves a medical exam, the insurer will send a representative to your home or office to do a physical examination and maybe collect blood and urine samples. You can e-sign the contract or sign after delivery once the policy has been underwritten and approved. If you choose to apply for a no-exam term insurance, your coverage will begin when you pay the first premium.

Who Has the Lowest Life Insurance Rates in California?

Life insurance premiums are mostly determined by risk and whether you are a preferred, standard, or inferior risk. As a result, the mortality rate in your state as reported by the National Association of Insurance Commissioners (NAIC) may influence premiums. Each state's regulatory authority's duty is to ensure that premiums are non-discriminatory and rationally priced.

Interest and costs are two more elements that influence premiums. The more profit the insurance can make on the interest on your premium, the less they need to charge. Their expenses, such as rent and commissions, are also factored into the price. The remainder of your policy premiums are determined by the type of policy you purchase and the amount of your death benefit.

Life Insurance Policy Types

There are two types of life insurance: term life insurance and whole life insurance. Term life insurance covers you for a set period of time or until you reach a certain age. It is often less expensive than whole life insurance and can take the form of riders that can be applied to whole life policies to provide supplementary insurance, such as long-term care.

Whole life insurance encompasses all forms of permanent life insurance. It lasts the policyholder's entire life and accrues financial value. Whole life insurance policies are classed based on how their cash value grows. A normal life insurance policy, for example, raises the value of cash on a savings and investments account whereas a universal life insurance policy enhances the value of cash on the market performance basis of an investment account. Whole life insurance is often more expensive than term life insurance. A 10-year term life insurance policy is one of the most cost-effective life insurance options available. The table below shows the typical premiums in California for a 10-year term life policy by age group.

What Are California's Best and Cheapest Life Insurance Companies?

The ideal life insurance coverage for you is determined by your specific circumstances. Our requirements alter over the course of our lives. Applying for a life insurance policy in our twenties is not the same as applying in our fifties. We've had to cope with more circumstances in our 50s than we had in our 20s, as well as more debt.

Independent rating organisations, such as A.M. Best and S&P, assess insurers' capacity to pay out on insurance claims by taking into account criteria such as the company's strategic planning and claims-paying history. These rating systems might help you determine which insurer is the best. Rating services typically assign ratings ranging from A to D, with A indicating good claims-paying capabilities and D signifying insolvency.

A 10-year term life insurance policy is one of the most affordable types of life insurance. Most life insurance firms allow clients to extend their contracts after the term duration expires. They may also be able to change the coverage to permanent coverage up to a specific age. Despite being inexpensive, 10-year coverage premiums rise with age.

Life Insurance for Teens at the Lowest Cost

A juvenile life insurance coverage gives young folks an advantage when it comes to life insurance later in life. Teens who are insured may benefit from locked-in rates, guaranteed insurability, and funding for burial expenditures if the unthinkable happens. Protective Life and Pacific Life are two California life insurance firms that offer teenage insurance.

Protective Life

Protective Life's products are advertised as "solutions to safeguard and plan for life from birth to retirement." It has term spans ranging from 10 to 40 years, no requirement for a medical test to convert coverage, guaranteed inexpensive premiums, and other benefits.

Pacific Life

Pacific Life has two term life insurance policies: Term PL Promise and Elite Term Pacific. PL Promise provides a fair period between 10 and 30 years. Pacific Elite Term insurance have a permanent cash value that can be converted at any time.
The table below shows the average premiums for a $100,000 10-year term life policy for teenagers in California.

Best and cheapest life insurance for those aged 20 to 29

Purchasing a life insurance policy in your twenties is an excellent method to protect yourself today while also planning for the future. Your loved ones will be financially covered, and with the option to switch to a permanent insurance, you may be able to lock in low rates.

American Family

American Family's DreamSecure Term Life coverage provides 10- to 30-year term protection. Premiums are fixed for the term, and your policy can be renewed at the conclusion of the term. As of its 2020 annual report, American Family has more than $33 million in assets and more than $100 million in life insurance policies in force.

Bestow

Bestow provides a 10-year life insurance experience that is only available online. It offers no-medical-exam 10- to 30-year term plans to individuals aged 18 to 60. The application process is quick, and the benefit levels range from $50,000 to $1.5 million.
The chart below shows the average cost of a 10-year term policy with $100,000 in coverage for adults aged 20 to 29 in California.

Best and most affordable life insurance for those aged 30 to 39 years old

The majority of people purchase a life insurance policy between the ages of 30 and 39. This could be because our parents made sure to protect our financial security and we recognize the importance of it, or it could be due to rising obligations. In any case, there are still many reasonable policies available for persons in their 30s.

SBLI

SBLI, founded in 1907, provides low-cost term life insurance. For applicants between the ages of 18 and 60, policies worth $750,000 or less are available without a medical assessment. You can renew the policy till the age of 85 or convert it to a permanent life policy before the contract's expiration date.

Legal and General America

Legal & General offers term life insurance products to meet a wide range of requirements. Legal & General is rated A+ by A.M. Best and AA- by Fitch and S&P, with $6.8 billion in assets and $782 billion in policies in effect.
The table below shows the typical premiums in California for a $100,000 10-year term coverage for people aged 30–39.

Best and most affordable life insurance for those aged 40 to 49 years old

If you haven't purchased life insurance by the age of 40–49, premiums are still inexpensive and will cover the major expenses you've accumulated throughout your life, such as your mortgage and your child's college education. In your forties, your life should be more secure, and a life insurance policy can assist.

Sagicor

Sagicor enables customers to purchase life insurance in its whole online. Its Accelewriting method takes minutes to complete and does not require a medical exam. You can sign your policy electronically and have it emailed to you. The policy contains the death benefit to the age of 95, 10-20 years and the death benefit accelerated if you become terminally ill.

Vantis Life

Vantis Life provides life insurance plans ranging from $5,000 to $2 million in death payouts. Depending on your insurance, you can receive long-term care benefits and cash value. Vantis Life is a Penn Mutual firm with an A+ rating from A.M. Best.
The table shows the typical premiums for a $100,000 10-year term life insurance policy for people aged 40–49.

Best and most affordable life insurance for those aged 50 to 59 years old

When we reach our fifties, we may have grown children who are establishing their own lives. If we haven't purchased a life insurance policy by this point, the notion of disturbing their lives to organise our funeral and settle our estate may compel us to do so. At 50, there are still reasonable insurance available that will allow our loved ones to focus on what is actually essential.

Haven Life

Haven Life is a MassMutual business that offers no-medical-exam term life insurance online. Its coverage amounts range from $50,000 to $3 million for adults aged 18 to 65. It also provides annuities and disability insurance. It has level premiums as well as an accelerated death benefit.

American General (AIG)

American General offers renewable and convertible term life insurance policies with terms ranging from 10 to 30 years. Its financial strength is rated A+ by S&P and Fitch, and A by A.M. Best. Personal accident and health insurance are also available. The table below shows the typical premiums for a 10-year term, $100,000 insurance for adults aged 50–59 in the state of California.

Best and most affordable life insurance for those aged 60 to 69 years old

Most individuals retire in their 60s, and if they are fortunate, life is good. Retirees may use their extra leisure to travel, relocate to their chosen location, or even start a new business. A new decade brings with it new insights. A life insurance policy will protect your loved ones and valuables as you embark on this new chapter in your life.

Prudential

Prudential Life Insurance Company offers term life insurance products to meet your insurance, retirement, and financial needs. Prudential's financial advisors, rather than life insurance brokers, assist you in determining the best policy for you. Prudential, which was founded in 1875, has strong financials, having A ratings from A.M. Best, Moody's, and Fitch.

Principal Financial

The table below shows the average premium for people aged 60–69 in California for a 10-year term, $100,000 policy. /h5>

Best and most affordable life insurance for those aged 70 to 79 years old

If you've ever considered purchasing a life insurance policy, even if you're in your 70s, it's not too late. Policies in your 70s will be more expensive than policies obtained when you were younger, but the coverage will ensure that your loved ones can carry out any final wishes and will leave them a legacy.

Assurity

Term life plans from Assurity have level premiums for the duration of the policy and a guaranteed death benefit. It has been in operation for 129 years, has $23 billion in life insurance policies in force, and has paid out over $136 million in claims to policyholders.

Mutual of Omaha

Mutual of Omaha offers term life insurance products with maturities ranging from 10 to 30 years. To apply, applicants must be between the ages of 18 and 80, and premiums are fixed. Mutual of Omaha was established in 1909 and provides a wide range of insurance products, including long-term care and critical illness insurance.
The table below shows the typical life insurance premiums in California for a 10-year term, $100,000 coverage for adults aged 70–79.

California Life Insurance Frequently Asked Questions

What are the finest California life insurance companies?

The best life insurance company for you is determined by your requirements and the sort of policy that meets those requirements. Life insurance products are sold by several life insurance firms. To understand about a company's financial strength, consult rating services such as A.M. Best and S&P.

In California, how long do life insurance firms store records?

The state of California requires that records be retained for five years, mostly to ensure that money is handled appropriately and contracts are signed.

In California, who regulates life insurance companies?

The California Department of Insurance (CDI) oversees insurance regulation in the state.

Conclusion

With all of its bounty, California has a lot to offer its citizens. While residents enjoy soaking up the rays, hanging out in Los Angeles, or playing in the sand at their favourite beaches, they can have peace of mind knowing that their California life insurance policy will financially secure the most important things in life when they are no longer present to provide support.

Online insure quote will assist you in locating the best life insurance provider with a policy and premium that meets your requirements. It simply provide some basic information, such as your age and smoking status, and Online insure quote will present you with a list of quotes to compare and choose from.