You need a true picture of your financial health before you can figure out what type of life insurance you need and how much, Stafford says.
They tend to think only about how much would be needed to pay off their major debt, such as a mortgage. .
A term life policy will provide coverage for a certain period of time—typically 10, 15, 20 or 30 years. It can be an affordable way to get coverage
The two key factors life insurance companies consider when determining the rate you pay for coverage are health and age
You also could work with an independent insurance agent who works with several insurance companies .
The rate you pay for life insurance is important because you want to ensure the premium fits in your budget
The quote you get from an insurer typically is just an estimate of what your premium will be.
Winslow says it’s very important to be truthful because insurance companies use third-party sources to validate the information you provide.