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How to Get Life Insurance

Life insurance can provide valuable financial support for your loved ones after you pass away. Understanding how to get life insurance can help you choose coverage that fits your needs and budget. Your age, family size, financial obligations and long-term goals can all influence when to get life insurance and which policy may fit your needs. Read on to learn who should consider life insurance and the steps involved in getting a policy.

5 min. read

Table of Contents

Key Takeaways

  • Life insurance can help provide financial support to your beneficiaries if you pass away while your policy is active.
  • The right time to get life insurance depends on your age, dependents, debts and long-term financial goals.
  • To get life insurance, you'll typically choose a policy type, calculate your coverage needs, compare options and submit an application.

Step 1: Determine if you need life insurance

Many people can benefit from a life insurance policy, especially if their loved ones depend on them financially.

You may want to consider getting life insurance if you:

  • Have children or dependents: Life insurance can help provide added financial protection if your income is no longer available.
  • Have a spouse or partner: Life insurance can help your partner manage expenses, debts or burial costs if you pass away.
  • Are a senior: Life insurance for seniors can help provide for your loved ones and cover your funeral or final expenses.1
  • Want coverage for your child: Child life insurance may offer financial protection and future coverage options, depending on your family's needs.

Step 2: Determine what age should you get life insurance

Many people wonder, "When should I buy life insurance?" If you're wondering when to get life insurance, the answer depends on your age, health, family situation and financial responsibilities. In general, purchasing a policy earlier may help you access lower rates and secure coverage before major life changes occur.2

A life insurance policy may also be worth considering when your financial responsibilities or long-term goals change, such as when you:

  • Get married or start a family
  • Buy a home
  • Have children or dependents
  • Take on shared debt
  • Want to help cover future funeral or final expenses

Step 3: Understand what life insurance covers

Before you can choose the right policy for your family, you need to understand how life insurance works and what it covers. Put simply, life insurance is a contract between you and an insurance company.

As long as you pay your premiums and meet your policy's requirements, your beneficiaries can receive a life insurance payout if you pass away while your coverage is in place. You can name people or entities as beneficiaries, such as your spouse, children or a charity.

Your beneficiaries can use the insurance payout to help cover:

  • Funeral costs
  • Debt payments
  • Childcare
  • Education
  • Everyday bills
  • Other expenses
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Step 4: Calculate how much coverage you need

The amount of coverage you choose is one of the most important parts of your life insurance policy. Ideally, you want enough coverage to help replace your income, pay off debts or support your loved ones for several years.

Your coverage needs can vary depending on your income, debts, dependents and long-term goals. Aflac's life insurance calculator can help you estimate your coverage needs based on your lifestyle and financial goals.

Step 5: Decide which type of life insurance policy you prefer

Life insurance comes in several forms. For example, Aflac offers term, whole and final expense life insurance. Here's a brief overview of how these three policies work:

  • Term life insurance provides coverage for a specific period, such as 10, 20 or 30 years. You can base your term length on your needs, whether you have young children, children in college or a large debt.
  • Whole life insurance provides coverage throughout your life as long as you pay your premiums. The policy can also build cash value that grows tax-deferred over time, which you may be able to borrow against or withdraw, depending on your policy terms.
  • Final expense life insurance can help cover end-of-life costs, such as funeral, burial or medical expenses, so your loved ones have added financial support during a difficult time.

Each option has different benefits, so it's important to review your choices before applying.

Step 6: Compare insurance providers and submit an application

After you choose a policy type and coverage amount, you can compare providers, gather the required documents and move forward with your application:

  • Comparing life insurance companies: Life insurance isn't one-size-fits-all, so reviewing options can help you find a policy that fits your needs.
  • Gathering documents: You may need to provide proof of identity, income and residency, depending on the policy.
  • Completing a medical exam, if required: Some life insurance policies may require you to submit medical records or undergo an exam. If you prefer to skip this step, no-medical-exam life insurance options may be available.

Get life insurance from Aflac

Life insurance can help provide added financial security for the people you care about most. Learning how to get a life insurance policy, when to get life insurance and how much coverage you need can help you make a more confident decision.

Aflac's term and whole life insurance policies offer competitive rates and flexible options for individuals and families. Chat with an agent today to explore your options and get a quote.

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