Best Life Insurance Companies in Santa Barbara

Frequently Asked Questions

• Do you need a life insurance policy in Santa Barbara if you already have employer-provided life insurance?

  Yes, you are encouraged to have a life insurance policy in Santa Barbara even if you already have employer-provided life insurance to have additional coverage. Everyone is advised to have life insurance coverage at least several times of annual salary. The reason for this is that employer-provided life insurance may not be enough to cover expenses in case of your death.

• In Santa Barbara, what type of life insurance should you choose?

  It depends on your needs and goals. You may choose term life insurance if you want more affordable protection coverage. In most cases, your premiums will remain the same throughout the life of your policy unless you opt to change them. If you want coverage that extends throughout your lifetime, you can purchase whole life insurance. The premiums are always more expensive but you can access the cash value of your plan early.

• What is the best age to purchase life insurance in Santa Barbara?

  There is no specific age to purchase life insurance in Santa Barbara. Individuals are advised to get insurance as soon as possible while they are healthy and younger. You may still acquire life insurance during your 50s, however, your life insurance can be more expensive due to health and lifestyle risks.

• Can you make your minor child your life insurance beneficiary in Santa Barbara?

  Yes, you can make your minor child your life insurance beneficiary in Santa Barbara, however, the process is more complicated because you need to undergo a legal process. You may opt to consider other ways to avoid complicated processes like getting a separate life insurance policy for your minor child or adding a child life insurance rider to your policy.

• How often should you review your life insurance policy in Santa Barbara?

  You should review your life insurance policy in Santa Barbara whenever there are changes happening in your life. If you recently acquired a new home, expecting a baby, or there is a change in your relationship status or career, you must assess your life insurance to determine whether your coverage is still enough for your lifestyle and financial needs.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.