California life insurance quotes include an estimate of your monthly premium payment or one lump sum payment and the benefit settlement amount that you are interested in. Benefit settlements range from $100,000 up to $1,000,000. Free California life insurance rates are based on your personal information and your medical history, if you are purchasing the insurance policy on yourself. Your height, weight and date of birth will be needed in order to provide you with California insurance quotes. Nicotine use is asked for as well. You will need to provide a telephone number, email address and zip code for your insurance information that is sent to you.
There are several types of life insurance that you may be interested in. Life based insurance contracts can be purchased as protection policies. The settlement benefits are usually paid in a lump sum amount when a specified death or event occurs. The most popular form of protection policy is a term insurance plan. The face amount of a term policy is the amount that your policy will pay at the death of the insured or at the time that the policy matures. A policy can mature when an insured dies or when the insured individual reaches a certain age. A policy may have a maximum contestable period of no more than two years in most jurisdictions. An insurance company cannot question a pay out of a settlement amount after this period of time.
Life insurance policies can be purchased as investment policies, with the main objective to provide a capital growth account. An individual who purchases this type of life insurance is said to be buying a whole life policy, a universal life plan or a variable life policy. A whole life plan is paid with a level premium throughout the policy term. An insurance policy holder accumulates a cash value reserve that can be accessed at any time with policy loans. These policy loans are income tax free and need to be paid back with an agreed upon schedule. Loans that are not paid back when the insured dies will be deducted from the settlement benefits. Joint life insurance can be purchased that insures the life of two persons. This type of joint coverage pays out when either of the parties dies. Survivorship life insurance is coverage for two persons, but this type of permanent insurance only pays out after both parties have died.
Universal life is a newer type of insurance plan that combines the permanent features of a whole life policy with the flexible premium amounts of a term life policy. Universal life plans can include investment quality products that provide an increasing investment account for the insured. Universal life and variable life plans have premiums and death benefits that can be changed. A limited pay policy is another type of permanent insurance that has a specified period of payment. Benefits can be paid out at the age of 65, for example. Endowments are insurance plans that have a face value at a given age or endowment age. Premiums for endowment plans tend to be higher in price since premiums are paid over shorter periods of time, and these plans mature earlier. Accidental death clauses can be added to an insurance policy. Accidents can range from abrasions to more extensive injuries. These accident policies or riders tend to cost less since they only pay out in the event of an accident. This type of alternative insurance is, also, called accidental death and dismemberment insurance. The loss of a limb or of a body function can be insured.