If so, there are several key factors to consider when choosing your life insurance policy.
1. What type of life insurance do you need? There are term life and permanent life insurance plans. Term costs a lot less and offer more life insurance for your money, for up to 30 years. Permanent life insurance provides lifetime coverage.
2. How much life insurance do you need? Use a life insurance needs calculator to estimate your life insurance needs.
3. Choose a life insurance carrier with an AM Best Company financial strength rating of "A" (Excellent) or higher.
4. Find out which company offers the lowest rates from a highly-rated insurer.
5. Find out how long your rate is guaranteed to remain level.
6. Find out how long your life insurance coverage is guaranteed to remain level.
7. Ask about accelerated death benefit - this allows you to access some of the death benefit from your life insurance policy while you are alive, if you have a terminal illness.
To learn more review this life insurance policy checklist