Life Insurance Shopping 101
*Updated September 24, 2025
If you’re like most people, you see those television commercials selling life insurance policies to people between the ages of fifty and eighty and you pretty much blow them off. If you’re particularly tech-savvy, you might even use your DVR to skip commercials altogether.
While it’s true that you shouldn’t buy life insurance – any insurance – just because of a TV ad, having the right life insurance coverage is a smart move. Here are some tips to help you shop for life insurance wisely:
Life Insurance Policies: Buy Early for the Best Rates
Time is money. If you’ve ever wondered, When should I buy life insurance? The answer is “Now.” Insurance companies round up your age – a 39-year-old will be priced as if she’s 40 – and life insurance rates rise as you get older. The sooner you lock in life insurance quotes, ideally in your late 20s or 30s, the more affordable your premium will be.
Research Types of Life Insurance and Companies
Before you ever speak with an insurance agent, do some research on the different types of life insurance. Options include term life insurance, whole life insurance, and universal life insurance. Each type of life insurance has pros and cons, from affordability to building cash value.
Next, request life insurance quotes from multiple life insurance companies. Use online tools to compare life insurance quotes and see which life insurance options best match your needs. Make sure the policy provides the right death benefit for your family without locking you into more coverage you need than necessary.
Save Money on Premiums
If your financial situation allows, try paying your life premiums annually. Paying in a lump sum instead of monthly installments can save you up to 20%. If that isn’t possible, choose EFT (electronic funds transfer). Many life insurance companies offer discounts for automatic payments.
Honesty Matters When Getting Life Insurance
No pun intended, but honesty really is the best life insurance policy. You’ll have to pay a higher premium if you haven’t quit smoking yet, but be upfront with the insurer. If you lie, your policy could be canceled.
If you have other health conditions, like high blood pressure, it’s best to see your doctor and get them under control before your medical exam. No-exam life policies are available, but they come at a higher cost.
Do You Really Need Life Insurance?
If you’re not sure whether you need life insurance, ask yourself one question: Would your family face financial jeopardy if you passed away? If the answer is yes, you should get life insurance now.
Whether you choose term life insurance policies, a whole life insurance policy, or universal life insurance, the right coverage ensures financial security for your beneficiary and helps protect your loved ones from hardship.