7 Questions You Need To Know Before Buying Life Insurance

what to know when buying life insurance
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    Our post, “7 Questions You Need To Know Before Buying Life Insurance” will help you understand some money and time saving situations that you may not be aware of when purchasing a policy.

    You’re not alone if you’ve ever wondered,

    • “How much does life insurance cost?”
    • “How do I get the best life insurance rate?”
    • “Which life insurance company is the best?”

    Our comprehensive guide will answer these questions and more.

    7 Questions You Need To Know Before Buying Life Insurance

    These are the questions you need to know before you buy life insurance. They will help make sure you don’t get ripped off. You’ll then have a great understanding of how to always get the best life insurance rate with the right company.

    We want you to have simple access…

    …to all the important decision making information in one place.

    The best part?

    All of the life insurance information is right here for you whenever you want it. Our job is to simply educate you on everything related to life insurance. Life Insurance Blog is an independent broker with access to all the top rated life insurance companies that you’ve heard of as well as many companies that you may not be familiar with.

    Looking for options?

    Get details on the top life insurance products like term and whole life as well as exam and no medical exam life insurance.

    You won’t get any pressure to buy from a specific life insurance company because we have access to ALL of the best companies.

    We prefer to just provide you information on all of the possibilities. Of course if you’d like a recommendation, we’ll provide you one based on your specific situation.

    Bottom line?

    We help shoppers like you by providing education, superior customer service, quick communication and no pressure to buy.

    Enough about us, let’s get started helping you out!

    You might feel like many life insurance shoppers that are overwhelmed in the beginning.

    So we compiled a list of the most important tips & frequently asked questions life insurance shoppers need to know. If you’re looking to secure the best life insurance rates, you need to ask these 7 important questions.

    1. What Is An Independent Life Insurance Agent?

    Working with an independent life insurance agent is the first step to finding the best life insurance rates and options.

    At Life Insurance Blog, you’ll get direct help from an Independent Life Insurance Agent – Not a Captive Life Insurance Agent.

    These 2 types of agents are completely different.

    Choose your agent wisely! Using one over the other can make a huge difference in how much you’ll ultimately pay for a life insurance policy. Let’s see how Independent Life Insurance Agents differ from Captive agents.

    • Independent Life Insurance Agents: This type of agent works with multiple life insurance companies. They are not employed by 1 insurance company. Independent agents are able to shop for any company that they represent. There are independent life insurance agents that have access from as little 2 or more companies.

    Life Insurance Blog is independent with access to over 60 top rated life insurance companies. When you work with us, we simply find all the companies that are available to you and let you decide which one meets your needs. Do you want a policy with a medical exam or a No Exam life insurance policy? You will have access to not only dozens of companies – but all of their life insurance products. We’ll help you along the entire process from initial quotes – to qualifying & applying – to receiving your policy.

    • Captive Life Insurance Agents: Captive agents are different than Independent life insurance agents. Captive agents work with only one life insurance company. Many times shoppers have no idea that they are working with a Captive agent that can’t shop their case to multiple companies. Your result is typically paying for a life insurance policy that has a much higher premium than what a competing company would offer you. It is even possible that you could be denied by the Captive agent’s company because you are subjected to only their underwriting guidelines.

    Personal Service

    Life Insurance Blog always works for you instead of the life insurance company.

    We take the time to understand your needs.

    How do we do it? We use a simple qualifying system to find out which companies to focus on and which ones to avoid.

    You’ll get customized quotes from over 60 top rated life insurance companies that you can qualify with.

    We won’t waste your time…

    …providing you quotes or options from companies that you won’t qualify with.

    2. How Do I Get the Best Life Insurance Rate?

    STEP 1: As previously mentioned, you should always work with an independent life insurance agent. 

    If you want your agent to shop your case to multiple companies & compare the lowest rates – you must always use an independent agent.

    STEP 2: Understanding life insurance rates.

    Most shoppers don’t know that every life insurance company submits their rates to each state’s department of insurance before consumers can purchase these policies.

    This means that rates are set for every health class that the life insurance company offers you the consumer.

    Life insurance rates are the same no matter if you shop with 100 different agents or websites. You won’t find “coupons” or “Black Friday deals” like you would buying a TV. When you shop for life insurance on LifeInsuranceBlog, you’re getting the lowest life insurance rates available anywhere.

    STEP 3: Use our convenient QQC system.

    The QQC System stands for: Qualified Quote Comparisons.

    Life insurance shoppers compare rates online, but they have no idea if they qualify for the rates listed.

    Unfortunately, shoppers often select companies that aren’t the best for their situation.

    This common mistake can be extremely costly with regards to time and money!

    [Warning] Buying Life Insurance the Wrong Way

    Does this commercial sound familiar?

    Get a $500,000 – 30 year term life insurance policy for less than $10 per month!” 

    You have probably come across advertisements on the radio, TV or internet that state something similar.

    Unfortunately, it’s very likely you aren’t qualifying for those advertised rates…

    …unless you’re young, in perfect health, and the ideal height & weight.

    If not, you simply are not getting those rates.

    Those commercials are misleading to say the least.

    They get you excited at the possibility of buying a great policy at super low rates even though most can’t qualify for them.

    What if you’re shopping for life insurance with a preexisting health condition?

    It is even more important that you work with a life insurance agent familiar with health conditions and high risk cases.

    At Life Insurance Blog, we never mislead you.

    We’ll use our simple QQC system so you’re only looking at qualified quotes to compare instead of ones you’ll never qualify for. We will take the time to find out which health classes you will qualify for (there are over 14) and provide you the best rates for those health classes.

    3. How Do I Compare Life Insurance Quotes?

    This question might be the costliest if you don’t know how.

    The unknowing life insurance shopper gets a list of quotes and assumes they should purchase the least expensive company. Buying the least expensive product from a list is a great strategy when shopping for a TV, but can backfire severely when purchasing life insurance. You can apply to any company you want – but you have to QUALIFY for that rate before the life insurance company will offer it to you.

     TIP: Life Insurance Blog uses their QQC Method to provide you accurate quotes to compare. You will be comparing quotes from only the best companies that you can get approved from. There’s no sense comparing quotes from companies that won’t offer you a policy.

    4. What’s the Biggest Life Insurance Shopping Mistake?

    Let’s look one of the most common mistakes that life insurance shoppers make. The example below shows how a simple mistake can raise your premiums significantly.

    John Doe goes online searching for the best life insurance rates. He’s looking for a 30 Year Term $750,000 policy. John fills out the instant online life insurance quote form. He looks over the list of quotes and decides to apply with the lowest rate available which is $124.91 per month (We’ll walk you through John’s mistakes in the infographic below)

    John’s selected a “Preferred Plus” health class rate on the quoter, but he doesn’t know that he won’t qualify for “Preferred Plus.” John thinks he’s is pretty good shape, but he actually has a few health issues, takes a medication and is a little overweight.

    Fast forward a few weeks and John receives notification that his policy has been approved – but at a premium higher than he applied.

    Let’s see how John could have saved $544.20 per year using an Independent Agent. That’s a savings of $16,326 over the life of the policy!

    Biggest Life Insurance Shopping Mistake

    Unfortunately, many shoppers make the same mistake that John made.

    • Shoppers frequently want to apply for “Preferred Plus” but aren’t aware that they need to qualify for that rating.
    • LifeInsuranceBlog will work on your behalf and find the companies that will provide you the best rates.
    • John should have used LifeInsuranceBlog to shop his case for him because he is overpaying for his life insurance. Our QQC (Qualified Quote Comparisons) would have found the best company he could have qualified with. He would have applied with a company that would have saved him $544.20 per year. That is a savings of over $16,000 over the entire life of his life insurance policy.

    5. What About Life Insurance Products & Options?

    best term life insurance companiesLife Insurance Blog not only has access to over 40 top rate life insurance companies, but you’ll also get access to all their products.

    Shoppers love choices and products that fit there exact needs.

    These are just a few examples of what is available to you:

    • No Medical Exam Life Insurance
    • Instant Issue Life Insurance (Get approved immediately)
    • Guaranteed Issue Life Insurance
    • Guaranteed Universal Life Insurance (Policies made to last to age 90 up to 121)

    We’ll answer your questions about what you’re looking for and even provide some options and products that you may not even be aware of. The final decision is yours, but we’ll provide you all your life insurance options.

    You simply choose what works best for you.

    6. What About Life Insurance Underwriting and Qualifying?

    Perhaps the most important aspect of shopping for life insurance is having your agent research which company you can qualify with. It’s very common for shoppers to be unaware of the top factors that affect life insurance rates. Each and every factor may determine the company who will offer you the best rate. Applying for the best policy that you can qualify for at the lowest rate can only occur when your agent does the appropriate research.

    You’re unique & your agent should find out how. Every shopper is unique and so is every life insurance company. Every life insurance company has unique underwriting guidelines.

    Some life insurance carriers are more strict and some more lenient with their underwriting. Some are better for certain health conditions, tobacco use, ages, occupations, etc. The key is finding the life insurance companies that will give you the best offer for your specific health, lifestyle and goals.

    Your agent shouldn’t rush you into a cookie cutter company.

    This will cause you to pay more than you should.

    7. What Preexisting Conditions or Risks Affect Life Insurance?

    Your current and past health history may or may not have a dramatic effect on qualifying for life insurance. There are hundreds of life insurance companies on the market – each with their own underwriting guidelines. Each company will have access to your current & past health conditions, hospital visits, medication database, doctors, specialists, and Motor Vehicle Reports.

    When you have preexisting health conditions, your agent should take the time to get specific details on them.

    Life Insurance Blog are experts in underwriting. No matter if you have diabetes, heart conditions or other impairments. We’ll save you time and aggravation by separating the life insurance companies that will deny you from the ones that will give you the best chance at coverage.

    Life Insurance Blog

    If you’re ready to start shopping for life insurance, you can simply begin by getting free instant life insurance quotes on our website.

    We’ll shop from dozens of top life insurance companies in the USA to make sure you’re getting the best policy you can qualify for at the lowest rate. Make sure to visit our life insurance payout amount page to find sample rates and details on coverage amounts.

    Thanks for reading our post, 7 Questions You Need To Know Before Buying Life Insurance. Please leave a comment or question below. If you’ve been wondering, “Do I need life insurance? find out how much you may end up paying for coverage on our Life Insurance Rates by Age page.

    7 Questions You Need To Know Before Buying Life Insurance

    Michael Quinn

    Michael Quinn

    Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage.

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