4 Ways to Make Buying Your First Life Insurance Policy Easier

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Don’t make buying life insurance more complicated than it should be.


Key points

  • Purchasing life insurance can be complicated.
  • Getting quotes online can make the process easier and more affordable.
  • The same goes for buying coverage while young and healthy.

Purchasing life insurance is not a fun experience for most consumers. Not only does buying a policy mean thinking about an untimely death, but the process of actually obtaining coverage can also be complicated and time-consuming.

The good news is that there are ways to make purchasing a life insurance policy easier. In fact, following these four tips can simplify the steps involved in obtaining coverage and help consumers maximize their chances of purchasing the best insurance at the fairest price.

1. Buy coverage when you’re young and healthy

The best way to make buying life insurance easier is to buy a policy while it’s still young and healthy.

This greatly simplifies the process of obtaining coverage since insurers look at medical history when deciding whether or not to approve a claim. Those with pre-existing conditions may have fewer choices of insurers or may be relegated to guaranteed issue coverage which is expensive and offers only a limited death benefit.

But if a policy is purchased at a young age before medical problems have had a chance to develop, the widest choice of insurers will be available and it will be easy to get approval for a low premium policy from from an insurer with a solid reputation. for good customer service.

2. Get insurance quotes online

The price of life insurance can vary from company to company and it makes sense to try to pay the lowest possible premiums while still getting the necessary coverage. This means that consumers must obtain several quotes from different insurers before buying.

It can be tedious, but it’s easy to simplify the process by getting insurance quotes online. Many life insurance companies will provide a premium price estimate based on a few quick answers to questions about age, health conditions, and desired death benefit. By obtaining quotes from multiple insurers, consumers can decide who to submit a formal claim to.

Doing this process online is a significant time saver compared to contacting insurers directly to submit claims in person.

3. Know in advance what coverage you need

To effectively shop for insurance coverage, consumers need to know the amount of their death benefit. It’s also important to know this to avoid overpaying for coverage by getting more protection than you need.

There are several ways to estimate coverage needs, but one of the simplest approaches is called the DIME method. Consumers using the DIME method will buy enough insurance to pay off their debts, replace their income for as many years as their loved ones would depend on it, pay off their mortgage and pay for their children’s education.

The DIME method greatly simplifies the process of determining the degree of coverage needed.

4. Consider an insurer that simplifies the application process

Finally, consumers looking for the quickest and easiest approach to getting covered may wish to look to insurers that use algorithms and publicly available information to set premiums rather than relying on an exam. medical.

This is different from the guaranteed issue coverage mentioned above. Several insurance companies new to the market simply use this alternative process of setting premiums and approving coverage, but still offer affordable standard term life insurance with death benefits that can provide for of their loved ones appropriately.

By following these four steps, consumers can streamline the life insurance buying experience and make protecting their surviving dependents much easier.

Life insurance protection for you and your family

While many varieties of insurance coverage are designed to help protect a person’s family and assets, life insurance is an essential type of protection. The right life insurance can help protect the people who depend on you most if you die. Choosing the right life insurance policy is essential to ensure the right protection for your loved ones. We’ve sorted through the different options to bring you our picks for the best life insurance policies available today.


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Justin D. O'Neill