How to Shop for Life Insurance
Kiplinger's Personal Finance|March 2020
You may be able to estimate how much you need online, but that’s just the start of your search.
KAITLIN PITSKER
How to Shop for Life Insurance

NO ONE NEEDS TO TELL YOU why you should have life insurance: If you die and your family or anyone who depends on you for support could no longer count on your income, life insurance would replace that income— assuming you choose a policy with the amount of coverage that is right for you.

In addition to deciding on the coverage amount, you have a few more hoops to jump through—namely, whether to buy a whole life or term life policy.

Whole life (often called cash-value or permanent life insurance) provides coverage for life and has an investing component that allows you to take a loan against the policy. The downside: Compared with term coverage, it’s expensive, especially in the early years of the policy. Term life provides coverage for a defined period of time—typically five, 10 or 20 years—without the investment and loan bells and whistles. What you see is what you get. Another advantage: Term life policies typically cost far less than whole life.

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