Ten Life Insurance Facts You Need to Know

A couple on the beach are excited to learn more facts about life insurance

It’s easy to be overwhelmed by the amount of information around life insurance out there, but the process of buying life insurance can be a lot more simple than you may think. Below are ten facts you should know as you begin the process of shopping for life insurance.

  1. Life Insurance is More Affordable Than You Think

    The first life insurance fact to be aware of is that many people assume that life insurance costs a fortune, but there are actually plenty of affordable options for coverage. Term life insurance is especially affordable and highly customizable, making it favorable to fit both your needs and budget.

  2. Term Life Insurance is the Most Affordable Coverage Choice

    Term life insurance is typically the most affordable life insurance option for life insurance. Although it doesn’t build cash value like a whole or permanent life insurance policy, you only buy it as long as you need it, making it considerably more affordable.

  3. Term Life Insurance Lets You Decide How Long You Want Coverage

    A main feature of term life insurance is that you have the option to choose the “term” or length of your coverage. Term life insurance policies have a start and end date and are available in multiple term lengths, typically ranging from 10 years to 30 years.

  4. You Can Always Make Changes to Your Policy

    Once you purchase your life insurance policy, it’s easy to move on and forget about it. It’s important, however, to take the time to review it each year to make sure it still meets all of your needs. As life changes, the amount of coverage or the length of term may need changing too.

  5. If You Have Dependents, You Need Life Insurance

    If you have loved ones that depend on your income, you should be considering life insurance. A life insurance policy allows your family and loved ones to continue paying for expenses such as the mortgage, college tuition, utilities and other daily expenses if you’re gone.

  6. You May Need More Coverage Than You Think

    Life insurance should not only cover end-of-life costs, but also immediate costs of living and future expenses. Most people have no idea how much life insurance they need, but our life insurance calculator can help you determine your family’s ongoing and one-time expenses to help you get an idea of how much coverage you need.

  7. Pre-existing Medical Conditions Won’t Keep You From Getting Life Insurance

    There are several insurance carriers that often approve life insurance coverage for individuals with diabetes, cancer survivors, people who take medications for cholesterol, blood pressure and other conditions. If you’re worried about your health working against you, there are also options for life insurance that don’t require a medical exam.

  8. Your Rate Won’t Increase If You’re Diagnosed With a Medical Condition Later On

    If you purchase your life insurance policy while you’re young and healthy, your rate is locked in, regardless if you’re diagnosed with a medical condition later on. That’s why it’s important to get life insurance coverage sooner rather than later.

  9. Your Life Insurance Policy Through Work May Not Be Enough

    While group life insurance through your employer can be an appealing benefit, it’s often limited in coverage. Life insurance through work only covers you while you’re an employee at your company, and relying solely on that coverage could cost you in the long run.

  10. It’s Important to Shop Around

    It’s easy to settle with the first policy or carrier you like, but you may 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 SelectQuote 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.

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