West Coast Life Insurance Company

West Coast Life Insurance Company opened their doors in 1906 when a group of business professionals met in San Francisco and decided to start a company focused on serving the insurance needs of consumers on the west coast. West Coast Life soon became known for selling affordable whole, universal, and term life insurance products as well as annuities for customers wanting to generate predictable and secure income. The headquarters was established in San Francisco's Merchants Exchange Building with Dr. George A. Moore as president.

After only 16 days of being in business, the company was faced with the San Francisco's great earthquake and fire. Undetered, the vision continued on and by the end of the first year West Coast Life reported over $1 million of in-force life insurnace and over $225,000 in assets. Over the following years, the company quickly grew as agents distribution grew and the reputation of the company was solidified.

As a company of firsts, West Coast Life achived many impressive developments including:

• Established the first American life insurance company in Hawaii (1907).
• Established the first American life insurance company in the Philippines (1910), China (1921) and Hong Kong (1923).
• Issued the first group policy west of the Mississippi. West Coast Life also wrote the first group case west of the Rocky Mountains in 1913.
• Issued the very first Unemployment Compensation Disability policy (“offthe-job” disability type coverage paralleling “on-the-job” Workmen’s Compensation benefits) in America. It was the very first UCD policy issued by any company, anywhere.
• Introduced the first Last Survivor Universal Life policy (a second-to-die type of policy issued jointly for both spouses) in the state of California.
• The first company to grant 1/12 annual premium under the check-o-matic plan. In fact, the concept and the name (check-o-matic) was a West Coast Life copyright later granted to the entire industry when LIAMA, now LIMRA, requested uniformity.
• The very first company to issue automatic premium loans and the first to provide an automatic premium loan provision in a life insurance policy.

In 1997 West Coast Life Insurance Company was acquired by Protective Life Insurnace Company. While under the umbrella of Protective Life, it was not until December 2011 that the West Coast Life brand was officially discontinued. From that point on, Protective no longer accepted West Coast Life applications and all products since then have been through the Protective brand.

Most West Coast Life Insurance policies that were purchased were 10, 15, 20, or 30 year level term policies. While the premiums were often the most affordable, the added benefit of a strong conversion option continues to provide value.

Evaluating Your West Coast Life Term Insurance Options

If you once held a West Coast Life term life insurance policy, you may be considering your options as the policy term comes to an end or if you wish to reevaluate your insurance needs. It is crucial to make informed decisions that align with your values and financial goals. In this article, we will break down the three primary options available to you: conversion, keeping your policy, or replacing it with a new one.

Conversion

When your term life insurance policy comes to an end, you may want to consider converting it to a permanent policy, such as whole life or universal life insurance. Conversion offers several value-driven benefits, including:

1) Continuity: By converting your policy, you maintain uninterrupted coverage, ensuring financial protection for your loved ones.

2) No medical underwriting: Conversion usually doesn't require additional medical examinations or underwriting, which can be advantageous if your health has declined since obtaining your initial policy.

3) Equity building: Permanent policies often include a cash value component, allowing you to build equity over time that can be borrowed against or used to supplement your retirement income.

Keep

Another option is to keep your existing West Coast Life term insurance policy. This choice may be suitable for those who still have temporary financial obligations, such as a mortgage or education expenses. The benefits of keeping your policy include:

1) Cost-effectiveness: Term life insurance policies typically have lower premiums compared to permanent policies, making them an affordable option for financial protection.

2) Familiarity: Retaining your existing policy means you can continue with the coverage and insurer you're already familiar with, ensuring a seamless experience.

3) Short-term protection: If you only require coverage for a limited period, keeping your term policy may be the most cost-effective and practical solution.

Replace

If your current West Coast Life policy no longer meets your needs or you want to explore other options, replacing your policy with a new one could be the best course of action. The benefits of replacing your policy include:

1) Customization: A new policy allows you to tailor coverage to your current financial situation and needs, ensuring you have the right protection in place.

2) Competitive pricing: By shopping around, you can find a policy with competitive premium rates that may be more cost-effective than your existing policy.

3) Updated features: New policies may offer additional features, riders, or benefits that were not available with your previous West Coast Life policy, providing enhanced protection and value.

Sell the Policy

If you hold a West Coast Life insurance policy and no longer need or want the coverage, another option to consider is selling your policy through a life settlement. This alternative can provide you with a lump sum payment while transferring the policy's ownership and obligations to a third party. In this article, we will explore the value-driven aspects of selling your West Coast Life insurance policy, helping you make an informed decision.

1) Immediate Cash Flow: One of the primary benefits of selling your policy is the opportunity to receive a lump sum payment. This can be especially valuable for those facing financial difficulties or looking to fund new investment opportunities, such as:

• Paying off debts: Using the proceeds from the sale to eliminate outstanding debts can help improve your financial stability and credit score.
• Supplementing retirement income: The cash received from the sale can be used to enhance your retirement savings or provide additional income during your retirement years.
• Funding major expenses: The lump sum payment can be utilized to cover significant expenses, such as medical bills, long-term care costs, or home renovations.

2) Elimination of Premium Payments: By selling your West Coast Life insurance policy, you can relieve yourself of the ongoing premium payments. This can be particularly beneficial if your financial situation has changed or you find it challenging to keep up with the premiums. Eliminating these payments can help free up your budget for other financial priorities.

3) Maximizing Policy Value: In some cases, selling your policy may yield a higher payout than simply surrendering it or letting it lapse, especially if you hold a permanent policy with a cash value component. This allows you to maximize the value of your policy, ensuring that you receive fair compensation for the investment you have made in your coverage over the years.