Please ensure Javascript is enabled for purposes of website accessibility

Key Factors You Need to Consider Before Buying Life Insurance

Life Insurance

Key Factors You Need to Consider Before Buying Life Insurance

Buying life insurance is an important step to take to help secure the future of your loved ones when you pass away. It is essential to understand the key factors to consider before buying life insurance.

There are many details related to obtaining permanent life insurance. These usually necessitate due consideration and consultation to understand the pros and cons before purchasing the policy. Whether a term, a whole life, or universal policy, certain factors including purpose, age, health status, and others are considered in a bid to develop a policy that is the best and most affordable to fit your needs.

You may feel overwhelmed by the multiple options available to you from many life insurance policies out in the market. You may also find some of them foreign to you. While the intricacies of each life insurance product or policy may be different, its basic purpose is the same. Fundamentally, life insurance was designed to leave a lump sum amount of money behind when you pass away.

Are you overwhelmed already? Don’t be! Now, let’s dive right into factors that you need to consider before buying life insurance.

1. When to Buy Life Insurance

You may be on the bandwagon that believes a life insurance policy is a must in everyone’s portfolio. That isn’t necessarily true. If you are single or do not have any dependents counting on your income, you may not require life insurance. However, if you’re an adult with a house, a spouse, kids, or any financial liabilities,  you should consider buying a life insurance policy.

You need to ascertain how long you need insurance protection to enable you to make a better decision on which type of policy you should choose. Do you need insurance only for a specific term, or do you need it for the whole life?

If you are looking for life insurance as a means of investment, then you should be considering one that could build a cash value.

2. How to Save Money on Life Insurance

When you finally decide to buy a life insurance policy, you need to compare the costs of term and whole life. The cost of whole life insurance could be the best for your needs, but you might want to shop around for term life insurance so that you can compare costs. Comparing costs makes you discover disparities that may prompt you to choose one over the other while still meeting your needs. Make sure to get quotes from several insurance companies so that you can compare costs as well as policy details.

Saving cost on your life insurance also entails choosing the right coverage so you don’t end up paying for unnecessary coverage.

A good trick for cutting down costs is buying the moment you decide. Any further wait means the rate goes up, and you may not be getting your best deal again. The sooner you buy, the better are your chances of being able to afford an adequate level of coverage.

3. How to Buy Life Insurance

You can buy a life insurance policy in three ways. You could buy directly from an insurance company, or through an independent local insurance agent, or via an independent online broker. You should always buy life insurance from an independent broker, whether local or online. The complexity of life insurance pricing requires you to shop around so that you don’t pay more than you need. Working with an independent insurance agent you trust may also be fine. However, they may present you with several different options, overwhelming you with multiple choices. It’s best to first ascertain what level of term insurance you want before buying.

4. What Kind of Life Insurance to Buy

You should consider term life insurance as it is cheaper, easy to understand, and reputed to be the best financial decision when buying life insurance. Other products such as whole life insurance, universal life insurance, or cash-value life insurance may be presented with attractive benefits.

You are covered for every year you pay your term life premium. If you die within the covered period, the policy will pay out a death benefit. When the policy expires or if you stop paying your premium, the coverage will end on its own.

5. How to Apply for a Life Insurance Policy

After you’ve settled on your best quote, you need to proceed to apply for life insurance. Usually, the process takes a few days to several weeks requiring even more extremely personal questions, paperwork, and a medical exam. After your online application, you will be required to verify your application through a phone conversation with an agent who will confirm the information provided, after which you will sign some paperwork, and your application is submitted to your insurer.

If a medical exam is required, you will be scheduled for one with a contractor and you may be asked many questions regarding your health that will be confirmed through the exam. When answering, keep it consistent as information is shared and if contradicting, you may be denied or even banned from many carriers. When your policy is approved, you will be notified and given a full copy of the policy.

Do you need life insurance? Don’t get overwhelmed by the choices. The primary goal is to protect you in all situations. Contact the experts at Remland Insurance in Orange, California. Our experts will help answer questions about all your insurance needs.


The COVID 19 virus has certainly changed our lives for the short term both at home and at work. Our office is working in compliance with state and local officials and their request to minimize contact with others for the short term so that we can shorten the life of this virus.
As such, our offices will be available by phone or by e mail 8-5 Monday thru Friday. If you need to make an appointment to come by, please call us before you drop by, so we can reduce risk, and take care of our staff and just be safe.
Please don’t hesitate to call us and if for some reason you can’t reach us, please look at our website for carrier contact information. Thank You for your continued business.

Contact us Call Us