How to Buy Life Insurance

Learn How to Buy Life Insurance

Buying life insurance now is an easy and affordable way to provide for your loved ones after you are gone. If you know what to look for in a life insurance policy, you can get the coverage you need, at a price that fits your budget.

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Why buy life insurance?

The number one reason to buy life insurance is the financial protection it provides for your family. If you are single and just starting out, you may not have a need for life insurance right now. However, as you get older and have more responsibilities, your family grows and you have a greater need for life insurance.

The benefit paid out to your family from a life insurance policy can replace your income your family will lose if you die. Another reason to buy life insurance is to pay off debts, such as credit cards, a mortgage or loans. It may also be helpful in providing for final expenses and monthly living expenses for your family.

Choose term life insurance or permanent life insurance

There are two basic types of life insurance: term life insurance, provides life insurance coverage for a specific number of years, usually 5, 10, 15, 20 or 30 years. Permanent life insurance combines a death benefit with a cash value that grows inside the policy. Permanent life insurance provides lifetime protection. Term life insurance is usually the most affordable choice. Term life insurance is protection for a temporary period, for example, until your children are grown and out on their own.

Decide how much life insurance coverage you will need

The right amount of life insurance protection to purchase depends on how much income your family will need if you die, how much you owe, and how much you have saved. If you are married, both you and your spouse should consider buying life insurance protection for your family. You both contribute to the support of your family. One of the easiest ways to decide how much life insurance you should purchase is to use a term life insurance calculator.

Choose how long you need life insurance protection

Term life insurance is usually offered for a specific number of years, 5, 10, 15, 20 or 30 years. You may want to pick a term that meets your needs for life insurance protection. For instant, if your main reason for buying term life insurance coverage is to protect your infants, you may want to purchase a 20 year term life insurance policy to protect them until they are out of college.

How much will my life insurance cost?

How much you pay for your life insurance policy will depend on a number of factors including your health, your age, your family’s health history, whether you smoke or use any kind of tobacco, and the amount and type of life insurance policy you are buying. If you buy term life insurance, your rates will be guaranteed until the end of the term on your policy. Some term life insurance policies may be renewed, but your premium will be higher at that time.

Shop and compare plans when buying life insurance

When you shop and compare life insurance plans, make sure you are comparing the same type of policies. For example, compare quotes for 20 year Level term life insurance that offers guaranteed rates and coverage for 20 years. Also, find out what the insurance company’s financial rating is – your quotes should show this, it indicates the financial strength of the insurance company.

Submit your application for life insurance

Once you have decided to buy life insurance coverage, you will be required to fill out an application for coverage that asks questions about your current and past lifestyle and health history. You may be required to take a physical exam. The exam is set up and paid for by the insurance company. The answers you give on the application, along with your health history and results from your physical exam help the life insurance company decide if they can offer you life insurance coverage, and what the price will be to insure you.

Learn about your life insurance policy

Remember to read your policy once you receive it. Take the time to understand what it means. Look at the premiums you pay and when they are due. The coverage amount, your beneficiary, and what exclusions may apply. Make sure you know how long your rate is guaranteed. Depending on the laws in your state, you may have a "Free Look" period (usually 10 days). During this time you can choose to cancel your policy with no penalty, and usually receive a full refund of your premiums paid.


Life Insurance Quotes


Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.


Highly Recommended – Haven Life

  • Get up to $1,000,000 of affordable term life insurance today
  • Apply online in under 20 minutes, start coverage today
  • Backed by MassMutual, rated A++ by AM Best

Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.


Highly Recommended – Globe Life Insurance

$1* Buys $100,000 Globe Life Insurance

  • Coverage for Adults or Children

  • No Medical Exam. Just a Few Y/N Health Questions

  • Free Information. No Phone Required. No Waiting

Buy Direct. Monthly Rates as low as $3.49 for Adults/$2.17 for Children.



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