If you are the primary provider for your family, life insurance ensures financial stability for loved ones after you pass away. When selecting a life insurance company, look for a provider that has a history of financial soundness and a range of options to fit your situation. ConsumerAffairs researched the best life insurance in San Diego to protect your loved ones from economic hardship.
Life insurance provides assurance your family will be able to cover expenses when you pass away. The death benefit is used for funeral costs, debt repayment and income replacement. Life insurance can also be used as an inheritance for your children or other family members.
Even if you don’t have a significant other or children, life insurance can be used to take care of older family members who need support and assistance or business expenses if you are the owner of a small company.
While there are multiple types of life insurance available in San Diego, most policies are either term life or whole life policies. The major difference between the two is the length of the term during which the policyholder receives benefits.
Covers fixed amount of time, generally from 1-30 years
Pays only if death occurs during term of insurance
Covers entire life from when policy is purchased
Pays when policyholder dies, no matter age
Universal life insurance, a variation of whole life insurance, is also becoming popular in San Diego. Universal life insurance tends to be more flexible than traditional whole life policies and includes a death benefit and cash value component. Another popular type of insurance is funeral insurance, which covers funeral and burial costs and generally does not require a medical exam.
The cost of life insurance in San Diego
The cost of premiums for a life insurance policy will vary depending on your policy type and death benefit amount. Term life policies tend to be cheaper than whole life policies, but buying a whole life policy when you’re young can reduce the cost of your premiums.
An actuary from your insurance provider will review other conditions to determine the price of your premium. These include:
Nicotine and alcohol use
Personal health history
Family health history
Choosing a life insurance provider in San Diego
Because of the importance and value of life insurance policies, you need a reliable provider. A reputable life insurance carrier has longevity, financial stability and a range of coverage options. Companies such as MetLife, Prudential Financial and State Farm have provided life insurance for nearly 100 years or more. New York Life Insurance Group, founded in 1845, is one of the nation’s largest providers.
Check with independent credit rating agencies, such as Standard and Poor’s, Moody’s or A.M. Best, to see the financial strength of insurance providers before purchasing your policy.
Policygenius is an online tool that allows shoppers to fill out one application and compare rates from several different life insurance providers. The company will handle your paperwork at no additional cost. Customers in San Diego appreciate the competitive pricing, convenience and knowledgeable customer service agents who helped them through the process.
EverQuote is an online life insurance comparison service that allows customers to receive quotes from multiple carriers. After filling out an application on EverQuote’s website, you’ll receive calls and emails from insurance providers offering quotes. San Diego customers appreciate the convenience, but some people report excessive contact from insurance companies.
State Farm Insurance: John Tran
John Tran is a local State Farm agent with an office in Mission Valley. Tran provides services in Spanish and Vietnamese and offers competitive rates. San Diego customers praise the agent for his professional service, and many people recommend the office’s life insurance services in particular.
McCormick Insurance Solutions
McCormick Insurance Solutions is a locally founded and owned insurance broker that provides a variety of services. The company has an office conveniently located on Morena Boulevard. San Diego customers say they enjoy the personal service from the owner and the range of options available from the company.