fbpx

Buying life insurance is easy with SelectQuote.

Life insurance isn’t a one plan fits all, but we can help you compare life insurance coverage and rates from some of the most trusted life insurance companies in just minutes.

A husband and wife hug each other on the couch while looking at their phone

Seven Tips for Buying Life Insurance

Buying life insurance is an important step to protecting your loved ones’ financial future. With so many options and different types of life insurance coverage, SelectQuote can help you through the process. We want you to feel confident that your life insurance policy meets all your needs and your budget. Whether you’re a first-time life insurance buyer or reshopping your policy, keep these seven tips for buying coverage in mind.

#1 Understand Why You Need Life Insurance

If anyone depends on your income or financial support, or might be responsible for any debts following your passing, then you should at the very least be considering life insurance. In the case of your death—and the loss of your income—a life insurance policy means your family and loved ones are financially protected.

The funds received from a death benefit payout can help with daily expenses, paying off the mortgage or other debts, paying for college, planning for retirement and more. A life insurance policy is a gift that provides both financial security and peace of mind.

#2 Know the Different Types of Life Insurance Coverage

Life insurance policies generally come in two categories: term life insurance and permanent life insurance.

Term life insurance policies last for a specified period of time—usually 10, 15, 20, 25 or 30 years. The length that’s right for you will depend on both your current situation and future goals. Term life insurance often has flexible payment options, is an easy way to build a policy that meets all your needs, and is also the most affordable option. While permanent life insurance policies are intended to last the length of your entire life, they are often more expensive than term life policies.

#3 Determine Your Desired Life Insurance Coverage Amount

Not only should you be looking for the type of life insurance you want to purchase, but you also want to be considering the amount of coverage you need and for how long you’ll need it. These answers are different for everybody, but it will likely depend on your stage of life and financial situation.

Newlyweds, new homeowners and young families often choose longer term life insurance policies, such as 30 years, while families with older children or those who are closer to retirement age may choose shorter terms. The amount of coverage will depend on your income and how much money would be required to maintain your family’s current standard of living while keeping an eye on the future.

Our life insurance calculator can help you get started on figuring out how much life insurance might be right for you.

#4 Be Prepared to Answer Questions on the Life Insurance Application

During the application process, life insurance carriers will want to evaluate your medical history and family background. You’ll be asked to share any hospitalizations, medications, procedures, surgeries and more from the last five years. Additionally, they’ll want to know about your lifestyle, habits and hobbies.

#5 Be Honest During the Life Insurance Application Process

Providing the most accurate and complete information will help secure your best possible rate. If there is any misrepresented information on your life insurance application, the insurer may consider you a moral risk and deny your application. Not only can you be denied coverage from the carrier you applied to, but it can also jeopardize getting coverage elsewhere.

#6 Shop Around and Compare Life Insurance Rates

It may seem like an easy option to choose an insurance provider you’re currently familiar with, but there’s a strong possibility you could be missing out on a policy with greater coverage or a better price if you don’t shop around. Life insurance rates and coverage vary widely by company so exploring all of your life insurance options is important.

Shopping around can seem intimidating and time consuming, but we can help make it easy. We’ll get to know your needs and provide you with multiple quotes from some of the most trusted life insurance companies in just minutes.

#7 Get a Free Quote with SelectQuote Today: Life Insurance Buying Made Easy

We can help you figure out the right life insurance policy for your situation and find you the right coverage with the right carrier at the right price.

See What People Said About Buying Life Insurance With SelectQuote

Still have questions? Learn more about term life insurance with SelectQuote.

While there are a number of things to consider before buying life insurance, we’re here to make the process easy. We will get to know your needs and shop some of the most trusted insurance companies, finding you multiple quotes in just minutes.

A father sits on the couch with his son on his lap as he learns more about how to buy life insurance online

How to Buy Term Life Insurance

Learn if you can qualify for life insurance without going through a medical exam

Do I need a medical exam to get term life insurance?

A man uses the life insurance calculator from SelectQuote to determine his life insurance coverage needs

Life Insurance Calculator