Life Insurance Buyer’s Guide: How to Buy Life Insurance

Buying Life Insurance Guide

Do I need to buy life insurance?

Simple and straightforward answer: If your death will not be a financial burden to your family and they have enough to live on financially well into the future then you most likely do not need to buy life insurance. If there are enough funds in the bank to cover your family's living costs then you probably do not need to buy life insurance.

Examples include: Single with no dependents/children or parents that have a solid nestegg/savings set aside (you would be considered self-insured).

Types of Life Insurance

Read our article on Whole Life Insurance vs Term Life Insurance

How much Life Insurance do I need?

How much life insurance you need will depend on your personal and family's situation.

Future factors to take into account:

• Monthly Income
• Montly Expenses
• Clothes
• Education/College
• Gas/Transportation
• Entertainment
• Additional
• Retirement for Spouse

Of I need life insurance how do I know whether a Life Insurance company is reputable/reliable?

Check Insurance Rating Services and you want to double check that before you buy life insurance you check the financial rating of the life insurance company. Look for the highest rating among the life insurance companies that you are looking at.

How to save money on Life Insurance?

Get online life insurance quotes! Getting online life insurance quotes is the best way to save money on life insurance. You can compare the different life insurance policies. It's the only way to go when you buy life insurance. Saves you A LOT of time and quite a sum of money.

Can I buy Life Insurance if I have a serious illness?

Yes, it is possible to still buy life insurance if you have a serious illness but it will depend on the life insurance company and with your risk being higher your cost of life insurance premiums will be much higher as well.

If my serious illness gets worse will the life insurance company cancel my policy or increase my premiums?

If you already have a life insurance policy and your serious illness gets worse the insurance company cannot cancel your life insurance policy nor can they increase your premiums. *When I am alive does Term Life Insurance or Whole Life Insurance offer me any benefit? With Life Insurance (whether it be Term Insurance or Whole Life Insurance) ultimately offers you income protection for your loved ones who depend on you and peace of mind if God forbid anything were to happen to you (the breadwinner).

Will my husband/wife need to buy life insurance?

Does your family depend on both your incomes?

If God forbid something happened to your spouse would your family be financially affected?

Are there things that your spouse does that you would need to pay someone to take care of if your spouse (he or she) is no longer with you?

Buying life insurance is something important that you will need to discuss in detail with your spouse.