Things to Ask Yourself Before You Look for Life Insurance
It takes a good understanding of your family’s financial position now—and some foresight into your loved ones’ needs down the road—to ensure you have enough life insurance coverage. If you’re not sure where to start, here are some questions to ask before you buy life insurance online. Thankfully online life insurance quote calculators exist to help you figure out the term policy length you'll need. Take advantage of our free calculator below.
Ready to compare quick life insurance quotes?
Your life insurance quotes are always free.
Secured with SHA-256 Encryption
UPDATED: Oct 29, 2020
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
To protect your family’s financial well-being, term life insurance could be a very smart move. But to figure out how long you’ll need it and how much you’ll need, you need to do a little research and put some thought into it.
It takes a good understanding of your family’s financial position now—and some foresight into your loved ones’ needs down the road—to ensure they’ll have enough funds to continue living a comfortable lifestyle.
Thankfully, online life insurance needs calculators exist (like ours or the one on LifeHappens.org) to help you figure out the term policy length (typically 10, 15, 20, 25, or 30 years) and questions like: “how much life insurance do I need?” can be quickly estimated.
Before you use those estimators, however, you’ll need to ask yourself a few questions like those below.
How much will my family need to pay for my funeral and related expenses?
Did you know that the median cost of a funeral in 2012 was $7,045? (That amount doesn’t include the cost of a monument, cemetery fees, and the approximately $1,000 for a vault—which cemeteries usually require.) And rates are trending upward.* Also, don’t forget your family may have to pay for your uncovered medical expenses.
How many years are left on my mortgage and how much are the monthly payments?
A roof over your loved ones’ heads arguably stands as the most important thing worth protecting if anything were to happen to you. While luxury items may be dispensable, a place to live is not. And don’t forget the other things that go into maintaining a home—heat, electric, water, sewer, trash disposal, etc.
How much will my family need to cover other living expenses?
Consider the day-to-day living costs all families incur—groceries, haircuts, cable TV, phone, gasoline, etc. Factor in the cost of inflation and price increases as well. Cable TV and phone rates, for example, seem like they go up every other month.
How long will my kids be in college, and how much will their college tuition and other education-related costs amount to?
A few things to think about: Will your children attend a public or private university? Will they live on campus, in apartments, or at home? Will they work while going to college? Is it likely they’ll receive scholarships, grants, or loans to help offset the costs? All these questions are reasons to review your life insurance policy.
Do I have car loans or other debt? How much and for how long?
Consider both the amount and the funding terms for any outstanding debt your family would be responsible for if the unthinkable happens to you. Do you have auto loans, home equity loans, financing on appliances, etc.?
Yes. There’s a lot to think about, and it all adds up!
But don’t let that scare you away from looking out for those you love.
Term life insurance provides a flexible, cost-effective way to protect your family. So after you’ve calculated the amount of life insurance you’ll need and determined how long you’ll need it, get a term life insurance quote quickly and confidentially online. You’ve got nothing to lose and peace of mind to gain.
* “Statistics.” National Funeral Directors Association. Accessed 1.12.2015.http://nfda.org/about-funeral-service-/trends-and-statistics.html.