How To Buy Life Insurance

Getting an insurance is key in securing your family’s future. It is both for your financial stability and your peace of mind. If you are the breadwinner and the main source of income to pay for the family’s expenses, you need to make sure there is a pre-arranged sum of money that will go to your dependents in the event of your demise. But getting a life insurance policy is easier said than done. That’s why we came up with this step-by-step guideline to help you through the process successfully.

Step 1: Research

This is the first and most important step in buying a life insurance policy. You have to provide yourself some information on the available choices, how much they are, how much protection they provide, and so on and so forth. There is so much to discover about life insurance policies. The first thing is that not all of them are created equal. As the insured, you have the power to define what you need and get it exactly out of your policy. Ask recommendations from people you know. They may know of a reputable insurance provider that they can recommend to you. The Internet is also a rich source of everything you need to know about life insurance. Search online to learn about the available policies.

Step 2: Establish your needs

Nobody knows your financial needs and family situation better than you. After embracing the idea of getting insured, you must then lay down the conditions that you need the protection for. Here are some of the factors to consider when choosing the right coverage for you.

  • Income replacement. This is the main reason why you are getting a life insurance policy. This is to make sure that your income will be replaced so your family will not feel the financial burden of your loss.
  • Funeral and burial. Funeral and burial usually costs around $15,000. If you do not want your family to worry about anything once you’re gone, you may also include this when deciding on your coverage.
  • Debts. Whether it’s mortgage for the house or any other amount that you owe, you do not want your dependents to have problems paying for them. This can be added when making your estimate.
  • Children’s education. As a parent, you want your kids to graduate from a reputable university, which could be costly. Will it still be possible if you die before it happens? Yes, it is. As long as you include the amount on your coverage.

Step 3: Make the choice

At this point, you have to make a choice on the type of life insurance you must go for. Is it permanent life or term life? Do you need coverage for 20 years? 30 years? Or for a lifetime?

Step 4: Compare insurance quotes

After making the choice on the kind of life insurance policy to go for, you should seek help from a reliable compare quote website such as, which will help you see which companies provide that kind of coverage and what are their prices. This way, it is easy to point which one offers the best deal.

Step 5: Fill out the form

There is an application form that you need to fill out and an application process that you need to go through. Some insurers strictly require a medical exam; others would not have a need for it. Although it is those companies that require a medical exam that are usually considered reputable. Whatever process you need to go through, make sure that you are guided well by your insurance sales representative or advisor to make sure you have met the requirements exactly.

Step 6: Study the fine prints of your policy

Mostly, it is your insurer that will design a policy, which stipulates both the coverage and the premium charges. Make sure that all your needs, demands, and requirements are all there.

Step 7: Sign your life insurance policy

Affix your signature to your policy papers, which will signify your agreeing to the terms and conditions stipulated by the insurer.

Step 8: Pay your premiums

It will be stipulated on your contract how much you need to pay as your premium and every when you need to pay it. Make sure not to default because that will give your insurance company the option to cancel your coverage altogether.

Compare Quotes, Shop Wisely

The best tip you must keep in mind before you shop is to compare different quotes before you buy. allows you to compare different available choices from reputable insurance companies so you get to see the advantage of one from the other. It helps when you are kept updated on the current rates in this ever-changing market. You have a better idea what a good deal is all about so you end up picking one.

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