We recently had to purchase life insurance as our old policy had expired.  It was not difficult to do.  Here are some ideas to keep in mind when shopping for life insurance. 

1.  Buy Term Life Insurance.  We purchased for a 10 year term.

2.  Buy only what you need.  The general rule is 10 times your earnings but you may not need that much.  It depends on your family needs, your debts, etc.  We used a spreadsheet to calculate estimated needs if something were to happen to either one of us. 

3.  Shop around for best price.  Internet sites that rate and give quotes for term life insurance are very useful.    Some to look at are:  Insure.com, insurance.com, Intelliquote.com, quickquote.com or selectquote.com.  Whichever one you use realize they are going to call or email you until you give them a response.

4.  Use only top rated companies.  AM Best is usually the insurance rating company that is mostly used. Use A+ or higher.

5.  Ask whichever insurance company you choose how long will it take to get the policy once you have selected them.  They will have to do a medical history on you, a mini physical and then will send all your information to the underwriters to make sure they want to insure you for the price quote.  This whole process can take just a few weeks or months.  So it is important for you to know how long the process will take.

6.  Research the companies you are looking out to find out their stability, their longevity, and their business record.

We have used the above process and have been very satisfied with the company we have chosen.

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