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California Term Life Insurance Rates

Written by Life Insurance Dad, Tue, Oct 20 2009

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Sifting through page after page of California term life insurance rates can be an overwhelming experience. It is easy to get lost amid a sea of words you thought you knew, yet seem all of a sudden to be twisted against the design of their traditional definition. You might feel as if searching for the best California term life insurance rates should come with its own glossary to help those deep in research rambling down the right road.

We agree. We’ve written a short, to the point list of a few of the most common terms associated with California term life insurance rates.

California Term Life Insurance Terms

  1. Beneficiary:
    2. The person designated by you as the recipient of your policy’s benefits (as outlined in the California term life insurance policy), is considered the beneficiary of the policy. A beneficiary, however, is not excluded to a single individual. A beneficiary can include one person or be distributed among several. The beneficiary can even be a non-profit group or charity. It is entirely up to the policy holder.

  2. Proposed insured:
    3. The proposed insured is that person applying for the coverage. The proposed insured and the owner of the policy are typically the same person.

  3. Attained age:
    4. The attained age method of determining California term life insurance rates uses the actual age of the insured. But with the ability for some agents to backdate your policy to save age, it is important to enter your date of birth.

  4. Nearest age:
    5. The nearest age method (by contrast) does take months into account when determining California term life insurance rates. The nearest age method does this by rounding age either up or down according to the nearest birthday.

  5. Premium mode:
    6. A premium is the amount of the life insurance billed to the policy owner. Thus, the premium mode directly relates to the frequency the insured must pay for these premiums. When searching for California term life insurance rates, it is an excellent idea to keep in mind that annual life insurance premiums tend to be somewhat higher when the insurance payments are spread over a year rather than paid once in a single lump sum.

  6. Coverage amount:
    7. Coverage amount (also called face value) is the portion of your California term life insurance policy rates that cover the initial agreed upon dollar amount. For example, a policy with a coverage amount of $500,000 will have that much paid out to the beneficiaries in the event of natural or accidental death. Coverage amount greatly impacts the overall cost of term life insurance rates.

  7. Guidelines for underwriting:
    8. Underwriting guidelines are often used by insurance companies for determining the appropriate California term life insurance rates. These guidelines take into account numerous factors regarding an applicant’s lifestyle, including (though not limited too) their health and hobbies. Typical criteria for underwriting guidelines, at least with California term life insurance rates include age, gender, use of tobacco or nicotine, height and weight, history of heart disease, diabetes, cholesterol, blood pressure and valve replacement in your family, as well as driving record, current occupation, service in the military, foreign travel or residency, and as well as any criminal convictions.

    Hopefully, now that you are armed with a few new bits of vernacular in your arsenal, searching for the best California term life insurance rates will be a snap. See how easy it is today.