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9 Tips for Buying Life Insurance

Life Insurance
A life insurance policy can provide your family with financial security when you pass away, whether that’s tomorrow or many years from now. There are many options available, but buying the best life insurance in California requires some careful consideration on your part. These tips will help you choose the right policy at the right price so you can put your mind at ease, knowing your family will be taken care of after you’re gone.

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The type of life insurance you should buy depends on many factors—your age, your family’s situation, whether you have dependents who are financially dependent on you, and so on. But these are some general tips to keep in mind. The cost of life insurance is relatively small compared to what it can provide for your loved ones, but that doesn’t mean it has to be an intimidating purchase. The following tips will help take some of that edge off buying life insurance

1: Check your health

If you’re going to buy life insurance, it’s a good idea to make sure you’re in decent health. This way, if you do pass away, your beneficiaries will be able to collect. If not, they may have a tough time claiming your policy. If possible, go through an extensive medical checkup and ask your doctor or nurse practitioner to fill out a questionnaire regarding your personal health history and current condition. If that seems too invasive, consider simply getting blood tests done at a reputable clinic—they can reveal much of what is going on with our body without being too pushy.

2: Consider your family's needs

The most important thing you can do when choosing life insurance is to consider your family’s future. If you’re a single parent, choose a policy that will allow your kids to go to college and help them buy a home. If other dependents rely on you, be sure that they’ll have money available if something happens to you. In addition, don’t forget about funeral costs and any debts you might leave behind. When determining how much coverage you need, think about how things would change if you weren’t around anymore. How would it affect your family? Could they make ends meet without an income? Have trouble answering these questions? Consider consulting with a financial planner or an estate attorney. Be sure to read our complete guide for buying life insurance in California before making a final decision. Have more questions? Contact one of our licensed agents today! See Products See Plans

3: Know all your options

If you’re in your 20s or 30s, buy term life insurance. It’s cheap, it won’t break your budget, and you can get plenty of coverage without paying too much. It doesn’t build cash value like permanent life insurance in California(like whole or universal life), but that means it won’t be tempting to cash out either; better to keep all your money invested where it belongs—in building wealth.

4: Compare rates

To ensure you’re getting a good deal:

Compare at least three life insurance quotes from different companies.

Look at fees, coverage amount, and rates to see if they are within your budget.

Make sure you know exactly what is covered in each policy before you buy it.

Speak with an expert before making any decisions if you have questions about which type of policy is best for your situation or need help comparing different policies. You should also find out how long until coverage takes effect.

Once that happens, it may be hard to cancel the policy, so it’s essential to think about whether or not you would need life insurance when your children are much older than they are now.

5: Spend some time on research

It’s essential to take your time and find an excellent policy. We recommend spending at least three months—possibly longer—researching policies and taking notes on what you like and don’t like about each one. You should also make sure to talk with multiple insurance agents. Agents work for companies, not you, so it’s important to compare prices and policies carefully before buying.

6: Get opinions from friends and family

Buy life insurance in California from a company or agent you trust. Some people think of life insurance agents as pushy salespeople, but they can be valuable sources of information and guidance on how to get exactly what you need. If someone tries to sell you an overpriced policy right away, move on to another agent or company.

7: Avoid agents trying to sell you overpriced policies right away

When it comes to buying life insurance, you want to make sure you’re getting a policy that covers your loved ones and is affordable. Unfortunately, many people end up paying too much money (and receiving inadequate coverage) when they go with an agent who’s simply trying to sell them anything. Here are ten tips to help you avoid falling into one of these traps: 

  • Research several policies before sitting down with an agent
  • Find out if your employer offers a plan
  • Get quotes from different agents
  • Ask about guaranteed acceptance policies
  • Consider term insurance
  • Avoid most riders
  • Don't buy more than you need

8: Shop around thoroughly

Shop around thoroughly to make sure you’re getting a good deal. Just because it’s easy to get quotes doesn’t mean they’re all created equal. Always read a policy in its entirety, and ask questions if anything is unclear. There are differences between whole life, term life, universal life, and variable life; find out which one suits your needs best. Be wary of any commission-based salesperson who’s trying to push one product over another—they may not have your best interests at heart.

9: Factor in inflation

If you’re planning to rely on your policy to take care of loved ones after you die, be sure it covers inflation over time. Without inflation protection, your beneficiaries will be left with a pile of money that won’t have any buying power. It’s worth paying more upfront for a life insurance policy that will last well into your children’s adulthood. A little bit of extra effort can mean a lot down the road. Find out if your agent/broker is commission-based or fee-only, so you don’t have to worry about hidden incentives or pressure from someone trying to sell something.

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