How to Buy Life Insurance?

Deciding to buy life insurance policy is just the first step in getting covered. After that it can get confusing. What kind of policy should you get? How much coverage? Where should you purchase coverage? Sorting through these types of questions will help organize you for the task.

Do You Need Life Insurance?

Whether you are single or married, if you don’t have children and your household income is high, you may not need life insurance. Otherwise, a good life insurance policy can provide financial security for the surviving spouse and children.

What Kind of Life Insurance Should You Buy?

Your two main kinds of life insurance to consider are term and whole life insurance.

Term Life Insurance – The more affordable choice, term life insurance is purchased for a set number of years. If you die before the term is up, your beneficiaries will receive a payout, but if the policy term expires, so does the coverage.

Whole Life Insurance – This kind of policy is on-going and offers more comprehensive coverage that may add cash value.

How Much Life Insurance Coverage Should You Get?

The size of the death benefit, the payment your beneficiaries will receive upon your death, can be estimated by multiplying your annual salary by eight to ten. Or, add up the monthly expenses that need to be paid. Think about when your kids will no longer be dependent, how much your spouse earns and the amount of debt your spouse may need to pay off.

How Should You Get Life Insurance Quotes?

There are several ways to shop around and purchase life insurance that’s best for you. You can get quotes and buy through a broker or agent, a major insurance provider or an online service such as EINSURANCE, the easiest and fastest way to approach the buy.

Learn more about the ins and outs of life insurance and, once you’re ready to shop around get quotes using the EINSURANCE quote generator.