Buying life insurance is a scary thing. It is a sales driven business where you can’t help but feel pressured and overwhelmed. You can fight against the fear of the unknown and unpleasant by educating yourself. Just having a better grasp of the options and your requirements will give you a much better footing for facing 
down a salesperson. Here are a few things you should know before you even get started shopping for life insurance.
1. Not everyone needs life insurance
This kind of insurance is specifically designed to provide for your dependents after your death. If you don’t have anyone depending on you, or if your kids are all out of the house, you may not need additional coverage.
2. Age determines the price
Investing in a term life insurance policy when you’re young will significantly reduce the premium, but as stated above, there probably isn’t a need to invest before you have people depending upon your income.
3. Both spouses need life insurance
Even if one spouse is a primary caregiver for your dependents, that doesn’t mean they don’t need to be covered. Think of the money you would have to come up with to cover those expenses if that person wasn’t there to do it anymore. Child and elder care, housekeeping and food preparation, even the cost of hiring transportation to school and extra curricular activities. Many full time parents contribute at least as much, if not more than a full time job worth of labor and services.
4. Pick the right term for your situation
Term life insurance is more affordable than whole life, and usually a better investment. As stated above, most people only need life insurance while they have dependents, so choosing 10, 20, 30 year term will give you the coverage you need for the years you need it. When your retirement income is available, or your children leave the nest, you can reevaluate your situation.
5. Shop around on the internet
You can shop hundreds of companies and policies by surfing the web. Write down all the information you’ll need for both you and your spouse, and decide on the amount you’ll need before you start. Then go get dozens of quotes and try to get a feel for options and prices. When you don’t feel like you’re uninformed and floundering, then open the phone book and compare your gathered quotes against those offered by live people and make an informed decision.
Contemplating one’s mortality is not fun, but like any kid who had eat all his vegetables will tell you, we all have to do things we don’t like. Take your time, do your homework, and don’t let a salesperson dazzle you with fast talk. By making it a priority and spending a few hours facing the unpleasantness, you can rest assured that your family will be taken care of if the unthinkable should happen.
Photo credit: Family portrait 2 by Gary Robson./flickr
Gina Hamilton is an insurance consultant and content contributor with Kanetix®, a site with comparisons and rate quotes for all the major companies. Check out this list of cars that don’t get stolen.