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California Term Life Insurance Laws and Regulations

Every state has specific term life insurance laws & regulations. Some of the California laws & regulations are that those seeking insurance get a minimum of 10 days to change your mind and receive a full refund of all premiums paid toward a term life insurance policy after your purchase. Ten days is minimum, but many companies give you 1 month to change your view. This return policy give those who are uncertain about the policy they chose to have a free trial period or even time to keep shopping out the best policy for their needs.

Aside from a free trial period, all California term life insurance claims should settle within 30 days after the proof of death is given to the insurance company. If carriers take longer than 30 days to pay out the benefit, the face value may accrue interest, which would also be paid out to the beneficiaries.

Third, the insured receives a 30-day grace period for late payments. This is particularly beneficial because the insured does not have to worry about their California term life insurance policy being cancelled should they simply forget to pay the bill. The grace period gives you the peace of mind that your policy will not cancel without notice.

Last, should your licensed insurance company declare bankruptcy or close down due to assets falling below their liabilities, the California Life and Health Insurance Guarantee Association will compensate you in the event that your policy is lost. Reimbursement for a single death benefit may not exceed $250,000 per insured individual or $100,000 in net cash. These limits hold true even if more than one policy is held on each individual.

To be guaranteed compensation under the California Life and Health Insurance Guarantee Association, your insurer must be licensed in CA and your policy payments must current.

California Life Insurance Laws also Protect Insurance Companies

Since laws do not only go one way, there are also laws in California that protect insurance companies. Those who own California term life insurance policies must follow these regulations.
First, California term life insurance policies do not cover suicide for the first two years of coverage. Should the insured commit suicide, the carrier would send the beneficiaries a 100% refund of all premiums paid within the 2 year period.

Second, California term life insurance policies may deny coverage if an applicant misrepresents his or herself or makes fraudulent statements on their application. Carriers may or may not return premiums paid on a policy if this occurs. This right is left to each individual company.

Third, while financial projections (or Insurance Illustrations) are not permitted in other states, it is permissible in California. The financial projections are regulated by the insurance department of the state.

It is wise as a California resident to see if having a California term life insurance will have more advantage than having a random policy written by a company in another state.

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