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How to buy Life Insurance Policy

Did you just get married? Or have a new baby? If so, that means it’s time to buy life insurance! Or, if you’ve already got life insurance, a new family member means it’s time to review your coverage and determine whether you need to buy more.

Term life provides coverage over a set period, say 15 to 30 years, and then expires. Permanent life insurance, which comes in many varieties, lasts until your death.

For most people, the affordable option is term life insurance, which pays out a death benefit to your designated beneficiaries if you die within the term of your policy agreement. These policies are generally cheaper and easier to get approved for than whole life or universal life insurance policies, which build up cash value.

Term life insurance policies have no cash value but offer a fixed death benefit and often fixed premiums for the length of the term. Term life is sold in increments — usually 10, 20 or 30 years. You can purchase term life insurance in a variety of ways: directly from an insurance company, through an agent or online.