How to Buy Life Insurance: Beginner’s Guide

by @Brad_Cummins

You need to know how to buy life insurance if you want to leave your family the most coverage at the lowest cost. Our buyer’s guide will help you determine how to get the lowest cost and how to use an agent to your advantage. It will help you understand if you should buy term life insurance or buy whole life insurance. It will also teach you how much should you buy as well as when to buy.  Local Life Agents has helped – and continues to help – families secure, collectively, hundreds of millions of dollars in life insurance protection. Our buyer’s guide is must-read material, if you want to learn how to buy the most affordable and comprehensive coverage to protect your family.

The Most Important Fact You Must Know Before You Buy Life Insurance Online.

Save yourself the time of searching the Web for different life insurance rates. Life insurance companies have set rates based on mortality. The Department of Insurance in each state where that insurer does business determines if the rating plans comply with insurance law and if those rates are actuarially sound. That means you will not find different rates on one site vs another.

We understand why consumers want to buy life insurance online. But, far from doing any real comparison shopping, these men and women (unintentionally) spread their personal information – they scatter their private data – across the Web, to be exploited by the highest bidder at the cost of valuable time and money.

Remember, a life insurance quote is just that: A quote, not a guarantee that you will qualify for some featured price advertised online. That quote may be a good starting point, but eventually, you will have to file an application and go through the underwriting process – you may also have to undergo a medical exam – to meet the standards associated with a specific quote.

“Why purchase life insurance? – At least 29% of people say they would be in financial trouble within a month, after the death of their primary wage earner.”

buy life insurance online

What Is Life Insurance?

The survey says:

Our survey of over 70 people concerning each person’s one- or two-word answer to the question, “What is life insurance?” proves an important point:  What people think life insurance is… versus what life insurance really is.  Hint… look at the image.

Life insurance is, indeed, many things.  But it is one thing in particular.

Life insurance is money.

It is financial security for your loved ones, in the aftermath of your passing.  It is the economic safety that pays a mortgage, so your family does not lose their house. It is savings for your children’s education.  It is cash that puts food on the table and saves your wife or husband – and your sons or daughters – from poverty.

If you and your family already live paycheck to paycheck, imagine how much worse things would be without your income.

To repeat: It is money.  

Full Survey Results can be found here.

Should I Buy Life Insurance If I Live Paycheck to Paycheck?

There are a lot of reasons to purchase life insurance, but if you live paycheck to paycheck, buying life insurance can be a major decision. Some people in that situation think, why buy life insurance, there is no need to have coverage.

If you are a single, and you have no financial obligations, you may very well decide not to buy life insurance.

Still, consider the following: If you live paycheck to paycheck, and if your family relies on your income to survive, then your refusal to purchase life insurance will leave your loved ones in a state of economic shock.

Think of how your family will struggle to stay financially afloat – picture how bills will quickly accumulate, if you do not have coverage in place – and how your mortgage, credit cards and car payments will leave your loved ones poor and hungry.

Life insurance is their economic protection.

Life insurance is a necessity.

how to buy life insurance

“33% of people say they don’t have enough life insurance. Including 25% who already have a policy.”