1. Determine your coverage needs:
Consider your debts, dependents, and desired income replacement period.
Online calculators or a financial advisor can help estimate your coverage needs.
2. Understand the type of policy:
Term life: Affordable, provides coverage for a set period (typically 10-30 years).
Whole life: More expensive, builds cash value besides the death benefit.
Universal life: Flexible premiums and cash value accumulation with some investment risk.
3. Get quotes online or through an agent:
Online life insurance marketplaces allow quote comparisons from various insurers. for example www.elifebroker.com
Licensed agents can guide you through the process and tailor recommendations.
4. Compare quotes based on similar coverage amounts:
Pay attention to premiums, policy features (riders), and financial strength of the insurer.