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How to Buy Life Insurance

Your life insurance death benefit proceeds have a very important responsibility: to replace the money you would have earned had you lived. It also has to provide certain guarantees to your family-the guarantee that your kids can go to college and the guarantee that your family isn’t going to be thrown out of the home they love. This is understandably an overwhelming thought and can make the purchase of a life insurance policy very intimidating. Here are 3 easy steps to help you start the process.

Step 1: Determine how much life insurance you need.

Your death benefit should be at least enough to pay off your debts, pay for your kid’s college tuition, help fund your spouse’s retirement account and supplement the family’s income. Some life insurance applicants expect even more from their death benefit. Write down all those expenses that you consider a priority and discuss them with your spouse to determine the right expenses and death benefit amount.

Step 2: Consider what type of insurance policy you want.

Now that you have a ballpark figure on how much coverage you need, you should determine what type of policy to buy. If you want low-cost, very affordable premiums, look at term life insurance (but with the option to convert to a permanent policy later on). If you have a reasonably stable income and can afford to pay a higher premium, look at the different types of permanent policy and decide which one will suit your needs the best.

Step 3: Compare life insurance rates.

Next it’s time to get those online quotes for life insurance rates. Getting your life insurance rates online is imperative because it’s the easiest and fastest way to get a lot of quotes by just filling out one little form. On that form you’ll answer some questions which will determine the basic life insurance rates you are quoted. It is important to remember that these quotes are not guarantees but they are the quoting system’s best indication of life insurance rates based on the information you input.

If you are still confused even after getting quotes, don’t worry. You can always reach out to a life insurance agent or call the insurer you want a policy from directly. Taking these three steps makes the actual purchase a lot easier and keeps you well informed but that doesn’t mean they have to be the only steps you take before you commit.

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