Buying life insurance is easy with SelectQuote.
Life insurance isn’t a one plan fits all, but we simplify the process, helping you compare coverage and rates from some of the most trusted life insurance carriers in just minutes.
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, keep these five tips for buying life insurance 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 least be considering life insurance. In the case of your death—and the loss of your income—a life insurance policy means your family is 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. Learn about the different types of coverage.
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.
Rather than lasting for a specific time period, permanent life insurance policies are intended to last the length of your entire life, but are often more expensive than term life policies.
3. What should I look for when buying life insurance?
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. Shop around and compare 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.
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 insurance companies in just minutes.
5. Have questions in mind.
Working with SelectQuote is the easiest way to compare rates and coverage while also getting all of your life insurance questions answered. A few questions you might want to get answered could be:
- Is a physical exam required?
- Does the plan have a waiting period before going into effect?
- Are there situations in which the death benefit would not be paid?
- How are benefits paid out, and how long does it take?
- Can I change my plan after it’s gone into effect?
- What happens if….
Still have questions? We’re here to help:
SelectQuote Makes It Easy to Find Life Insurance
While there are a number of things to consider before buying 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.