How Do I Buy Life Insurance?

So you’ve made the decision to ensure (insure) your loved ones are taken care of financially after you pass…now what?

There are a lot of options for life insurance out there. For the purposes of this article we will look past the types of policies available (term life, universal life, group life, whole life, permanent life insurance, no load life insurance, guaranteed issue) and how much you need to focus on how to buy a life insurance policy once you have done your research and are ready to purchase.

Employer Life Insurance

First, check with your employer. You may be able to purchase a group life insurance policy as part of your employment. This option takes out a lot of the guess work, as you may have an HR representative who can assist you with your options. Additionally, you probably won’t have to participate in health exams if you go this route (although there is no guarantee of this). The best part is; the insurance premium is often taken right out of your paycheck, so you may not find it as difficult to make the monthly payment.

Online Life Insurance

Shopping online for life insurance is becoming popular because of the ease of purchase. You can get quotes and even purchase a life insurance policy directly online. But you will most likely have to pass a health inspection to obtain a life insurance policy if you go this route.

The good news is the life insurance companies typically send someone to your home in order to collect a blood sample (and possibly urine sample) prior to issuing a policy to you.

Visit an Independent Insurance Agent

You may want to visit your local independent life insurance agent to purchase a life insurance policy if you are not comfortable making a purchase of this magnitude via the internet.

Learn more about the difference between an independent agent and a captive agent when shopping for insurance.

Similar to purchasing a life insurance policy online, as an individual, rather than part of an employer sponsored group, you will likely have to undergo a battery of health tests to actually get your policy issued.

In summary, it doesn’t hurt to gather some insurance quotes online.  This will ensure you know the range of what you should expect to pay for a life insurance policy based on your individual needs, even if you’re not comfortable purchasing online.

Read more: How much does life insurance cost?

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This post was written by The Truth Team on September 9, 2010 Comments (0)