Call Us 919-847-7534 ☰ ˟
Logo
Get A Quote
Call Us 919-847-7534 Get A Quote
  • Home
  • Get A Quote
    • Automobile
    • Business & CommercialImage of right arrow
      • Commercial Auto Insurance Quote
      • Business Owners (BOP) Quote Form
      • Workers Compensation Quote
    • Condominium
    • General Liability Insurance
    • Homeowners
    • Life
    • Long-Term Care Insurance
    • Motorcycle
    • Recreational Vehicle
    • Renters
  • Blog
  • Resources
    • Refer a Friend
    • Insurance Glossary
  • About Us
    • About Grimes Insurance Group, LLC
    • Location Map
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
Auto Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Business Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Life Icon

Life

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home > Blog > 4 Factors to Consider When Buying Life Insurance
THURSDAY, DECEMBER 22, 2022

4 Factors to Consider When Buying Life Insurance

Have you put off buying life insurance? Perhaps you didn't want to think about the need for it or why it could help to save your family a great financial loss if you could no longer be there to meet their needs. In some cases, individuals put off getting this type of insurance because, quite frankly, it can be hard to navigate. The decisions can be overwhelming. Nevertheless, many people, especially those who are earning a wage that helps to meet the needs of another person, need to have adequate life insurance in place. Before you buy a policy, consider these factors. 

1.  Compare Types of Life Insurance Carefully 

There are numerous types of life insurance available. Term life, whole life, joint life and universal life insurance are a few of your options. Instead of looking at their names, consider what you want from the policy: 

  • Do you want a policy in place for a period of time until your debts are paid off or you are in retirement? Term life insurance could be ideal. 

  • Do you want a policy that you pay for throughout your entire life that will likely pay for your final expenses and may even meet your estate plan goals? Consider whole life insurance policies. 

  • Do you want to borrow from your policy? Universal life insurance with a cash value can help. 


Discuss the features of the life insurance plan you need with your agent before you buy a policy to ensure you get the coverage you desire. a group of young men standing next to a building

2. How to Minimize Costs 

The most surefire way to get the lowest price on life insurance is to buy it now. The older you get, the higher the risk factors are for health ailments and the more at risk your family becomes. Purchasing life insurance at a young age can help you to save significantly. 

3. How Much Coverage You’ll Need 

This can be a difficult factor to determine. A good idea is to consider what you want this policy to offer. For example, if you were to pass away in the near future, you’d want the policy to cover your family's mortgage and any debts you have, while providing for your family's needs over a period of time. Would you want the policy to meet your family’s needs for a year, five years or longer? 

4. Learn What Is and What Is Not Covered 

Like most insurance plans, life insurance has some exclusions. Read the plan carefully to understand what may or may not be a part of it. Suicide, military deaths and other types of deaths are often not covered. 

Make the decision about life insurance that’s right for you. Think of this as a way to protect your family and modify your decision based on your family's needs. 
Posted 11:29 AM

Tags: life, insurance, policy, terms, retirement, whole
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • insurance(15)
  • coverage(10)
  • policy(6)
  • life(3)
  • homeowners(3)
  • auto(3)
  • belongings(3)
  • retirement(3)
  • whole(3)
  • renters(3)
  • terms(3)
  • commercial(2)
  • liability(2)
  • car(2)
  • general(2)
  • accident(2)
  • condo(1)
  • condominium(1)
  • condo association(1)
  • driver(1)
  • teen(1)

View Mobile Version

Contact Us Today!
919-847-7534

Social Social

Resources

  • Our Products
  • About Us
  • Refer A Friend
  • Blog
  • Contact Us

Contact Us

112 Wind Chime Ct | Raleigh, NC 27615
Ph: 919-847-7534
© Copyright. All rights reserved. | Powered by Insurance Website Builder