To choose the right life insurance policy, you will want to consider the following:
1. What you want your life insurance to accomplish? For example, provide money to raise your children?
2. How long will you need life insurance - until your children are 25 or older?
3. What life insurance policies are available to cover that need - term life insurance for 20 or 30 years?
4. Whether it has guarantees - will the premium and death benefit remain level each year for the entire 20 or 30 year term?
5. What features your life insurance policy should have? Do you need riders to provide additional coverage for your spouse and children?
6. Does the cost of the life insurance policy fit your budget? Can you afford the policy?
7. Will the life insurance cover death by any reason? For example, don't buy accidental death life insurance when you are trying to buy full life insurance that covers all death except suicide the first 2 years.)
8. Can you qualify for it medically? If you were recently diagnosed with a health issue, you will have much fewer choices than if you are in excellent health.
9. Do you want to take a medical exam to qualify for your life insurance, or would you rather buy life insurance without having to take any exam?
10. How is the life insurance company rated by AM Best for financial strength?
Here is a life insurance buyer's checklist to help you choose the right life insurance plan.