Get San Diego Life Insurance Quotes In 6 Easy Steps
San Diego Life insurance is always a touchy topic, and one that most people avoid at all costs. Death, loss, and insurance sales people are something that everyone wants to avoid like the plague. So how do you figure out what you need for life insurance, and what kind of life insurance is best for your specific needs, without having to talk to a dreaded agent? It’s pretty easy, and I’ll outline the 6 steps below.
Do you (or we if you’re married or have dependents, aka Children) need San Diego life insurance?
If you are single this question revolves around whether you plan to get married in the future, and if something were to happen to you before then, would you want to leave something for your family or loved ones? If the answer to both those questions is no, then you don’t need life insurance, otherwise you should get life insurance.
How much life insurance do you need?
There are several ways to answer this question, so I’ll give you the life insurance industry standard ways first, and then give you my simple option last. The life insurance industry says you should determine your death benefit needs using either the “Income Replacement” or the “Capital Needs Analysis” method.
The Income Replacement method determines how much income would need to be replaced over the rest of your working years if you were to die today, and uses that to determine how much life insurance your family would need to be able to continue on without you.
The Capital Needs Analysis method totals all your debts and assets and adds future expenses such as college educations for children, vacation house, etc., and then figures out how much money is needed to pay the family’s living expenses without you, and totals all this up to give you the amount of San Diego life insurance you need.
There are plenty of online calculators to help you with both of these methods, and a few that I have checked out and would recommend are (there is an Income Replacement calculator provided inside the San Diego Life Insurance Quotes area of this website):
http://www.smartmoney.com/personal-finance/insurance/how-much-life-insurance-do-you-need-12949/ – Capital Needs Analysis
http://www.lifehappens.org/life-insurance-needs-calculator/ – Capital Needs Analysis
http://www.bankrate.com/calculators/insurance/life-insurance-calculator.aspx – Income Replacement
http://www.forbes.com/tools/calculator/life_insurance.jhtml – Income Replacement
My simple option is to look at what the “Minimum” life insurance needs are, determine what the cost is for that amount and then if the client wants to add extra protection for specific things (college, etc.) and see what the cost increase is for the extra benefit. The minimum life insurance needs are the total of all debts for the individual or family, plus the funeral expenses, plus some amount (usually around $50,000- $100,000) to help tide the family over until the remaining spouse can take over the full financial responsibilities of the family. This way all the debts are paid off, the house is paid off, the cars are paid off, and therefore, the monthly household expenses are significantly less.
How long do you need the life insurance to last?
The answer to this is based upon how long your children will be living in your household, how long before you pay off the house, and how long before you retire. If you’ve saved over your lifetime and are ready to retire with enough assets to live comfortably on, why do you need a big chunk of life insurance? So usually the proper length of time for your San Diego life insurance is about 20-30 years.
Get a life insurance quote
Click the “Life Insurance Quotes” button to the upper right (or click here to get a quote) and run a quote using the information you’ve just determined from steps 2 & 3. You will get a list of quotes showing all time periods (10 yrs, 15yrs, 20yrs, and 30yrs). If you need a time period not shown in the quote, please call our office and an advisor will be happy to help you.
Select the life insurance plan that fits your needs and budget
On the quote list, scroll down until you see the quotes for the time period you want. Price is usually the main factor people use to determine which company to select, however you should also look at the Financial Ratings to ensure that the insurance company is strong. Choose a company with at least an A+ rating from AM Best, an insurance company rating company.
Apply for life insurance
Once you’ve selected the plan you want, click the “Apply” button and fill out the remainder of the contact information so an insurance application can be sent to you and the paramedic visit with blood and urine tests can be ordered. You will get the option to fill out a PDF version of the application forms right after you click the “Request Application” button at the bottom of the page. If you would like assistance filling out the forms correctly, please call the office and an advisor will walk you through the forms. Once the forms are completed, please mail the signed forms to our office at:
SPF Insurance Services
17927 Sencillo Ct
San Diego, CA 92128
Attn: Applications Processing
If you can not find an insurance solution from the quotes, or you have specific health concerns that you believe may impact your ability to get California life insurance, or you just need more information, please contact our office and one of our advisors would love to help you.