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Step 1
Determine Your Dependents - Before you even consider purchasing life insurance, determine the individuals that depend upon your income for financial support. This could include your spouse, children, brother/sister, parents and/or friends. How much financial support do you provide to them on a regular basis? If something were to happen to you, could they survive without your assistance?
If you do not provide support to anyone, you may not need life insurance at all. -
Step 2
Determine How Much Your Dependents Will Need - While in an ideal world, it would make sense to try and maintain your dependents' current level of lifestyle, this may not always be possible. Determine how much they will need in order to pay for daily living expenses (mortgage, utilities, food, transportation and clothing). Additionally, you may want to consider any outstanding debts that you still owe that your dependents may be forced to repay (student loans, credit card debts in you and your spouse's name, etc).
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Step 3
Contact Your Local Insurance Agent - Once you have determined your life insurance needs, contact your local insurance agent and schedule a meeting. Discuss your concerns and share your needs. Please realize that many insurance agents must sell certain products in order to make a decent living. They may try and sell you whole life insurance, when in reality, term life insurance may provide all the coverage you need.
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Step 4
Get Free Online Life Insurance Quotes - Once you have obtained a quote from your insurance broker, it makes sense to get online life insurance quotes. The more information that you have, the better your life insurance rates will be. Like Dave Ramsey says on his show, everything in this world is negotiable.
Comments
luv2laugh said
on 2/8/2009 At 22 years old, I have cheap life insurance rates. If anything should happen to me, my husband will def. be taken care of.