Buying Life Insurance: Where to Start?


Buying life insurance is often overlooked in the financial planning process. Unlike investing, saving or traveling during retirement, buying life insurance focuses on protecting your loved ones after you die.

It can be overwhelming to think about, but it’s important to have a plan.

Start by asking how much life insurance you need

Review your finances and your plans for the future. Decide who will need to be cared for in the event of your death. Determine how long you will provide for your children–will the proceeds last through high school? College? If you don’t have children, do you need to pay off a house? How long will your spouse need extra income? Thinking about these difficult questions now makes it easier on your loved ones in the future. If you need help deciding on an amount, try our life insurance, calculator.

Research life insurance companies

There are many life insurance companies to choose from. But, finding the right one for you is more than simply recognizing a company name. Do your research. Look up company financial ratings, customer reviews and ask your friends and family for advice.

Decide which type of policy fits your needs

After you determine the amount of life insurance you want, take a look at the types of life insurance policies. Term life insurance lasts for a specific period of time, known as the term, and can be cost-effective. Permanent life insurance, also known as whole or universal, lasts for your lifetime or the life of the policy. Some can even build cash value that you can use while you’re living.

Compare multiple quotes

It’s important to understand what a policy will cost and how much coverage you can afford, so request life insurance quotes from several companies. Compare these quotes for quality and value to find the right option for your needs now and your family’s needs later.

Interview an advisor

Meeting with your agent is an important step in establishing a relationship built on trust and confidence. If something were to happen to you, it’s your agent’s job to work with your family. An agent meeting is a good time to ask questions and discuss any concerns you have, so make sure you come prepared.

Buying life insurance is a personal decision

When buying a car, you want to research value and dependability before you purchase. When selling a home, you want to meet your realtor to make sure you’re on the same page. When you buy car insurance, you want to compare quotes from several companies. Buying life insurance should be no different from any other major purchase or financial decision you make. As you begin the process of buying life insurance, keep these tips in mind to help you make the right decision for you and your family. Get started with this helpful life insurance calculator.

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