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How to Buy Life Insurance in 6 Steps

At Aflac, we understand that life insurance isn’t always an easy subject to discuss. It can be a difficult topic to bring up but understanding when and how you should get life insurance can have a huge impact on your loved ones. Your financial situation, family size, age, and location are all important determinants to consider when forecasting the best time to get a life insurance policy. Let’s dive deeper into how life insurance works, who needs it, and the steps you can take to get a policy.

Who needs to get life insurance?

Many people can benefit from getting a life insurance policy. It’s never too late to determine when you should get life insurance and what your options are. However, there are a few instances where it can be particularly helpful for you and your loved ones:Many people can benefit from

  • If you have children or dependents: Life insurance may be able to help provide financial protection for your kids or dependents when a main source of income dissolves. We recommend considering the current expenses you are facing to raise your child and factoring that into your life insurance plan. Should you get life insurance, you’ll also want to determine how long you’ll need coverage for and how much it will cost.
  • If you have a partner: Life insurance can help provide your partner or spouse with financial security. This may be especially beneficial if you have any outstanding debt that will need to be paid off or when burial expenses arise.
  • If you’re a senior: Life insurance for seniors can also prove beneficial. The types of life insurance plans available will change as you get older, but they still can help provide for loved ones and help with funeral costs.1
  • If you want coverage for your child: There are a handful of options to consider if you are interested in life insurance for a child. If your child is over 18 years old and has an existing health condition, life insurance can be beneficial for the whole family.

When Should I Get Life Insurance?

When you should get life insurance depends on your age, how many dependents you have, your medical history, and the type of life insurance plan that makes the most sense. Preparing early on may help you lock in lower rates and provide more security for your family later.

What is life insurance and what does it cover?

Life insurance is a contract between the policyholder and the life insurance company. This supplemental policy can provide your beneficiaries with a death benefit payout if you pass away while it’s active. You can name people or entities as your beneficiaries, such as your spouse or partner, children, or a charity you care about. With life insurance coverage, you can rest assured that your loved ones can receive financial help in case of the unexpected.

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How to Get Life Insurance

Once you decide whether you should get life insurance, talking to an agent can help start the process so you can decide on a plan promptly. There are a few standard steps that need to be taken to ensure everything runs smoothly. Here’s how you can get a life insurance plan:

Figure Out How Much Coverage You Need

The amount of coverage is one of the core pillars within any life insurance plan. This may be influenced by your current spending habits and how many dependents you have. Providing security for a partner may look very different than it does for a family of five.

Chatting with an Aflac agent can clarify how much life insurance you should get. You can also try out our life insurance calculator to factor your lifestyle and financial goals into your policy.

Choose a Type of Life Insurance Policy

At Aflac, you can choose between Aflac® Life Solutions—Term Life and Whole Life, depending on your unique needs. Depending on the insured’s age, term life insurance may have a lower premium and provide coverage for a specific period of time. You can choose the term length that makes the most sense for your coverage needs, such as while you have young children, children in college, or are carrying a large debt.

On the other hand, whole life insurance provides coverage throughout one’s life and has the ability to increase in cash value and is not subject to income tax while the cash remains in the policy.

Each life insurance option has its own pros and cons. We recommend learning about each policy more in-depth before applying for and deciding what kind of life insurance you should get.

Compare Life Insurance Companies

Life insurance is not one-size-fits-all. Collecting a few quotes from various life insurance companies might help illuminate which path is best for your needs. We want to make sure you find the best fit possible.

Gather Necessary Documents

There may be certain documents required to finalize the specifics of your life insurance plan. You may be asked to provide proof of identity, income, and residency in this stage of the journey. This depends on the type of plan you are seeking and the baseline prerequisites.

Submit Your Application

Once you’ve chosen the type of life insurance policy, how much coverage you’d like, and have gathered all the necessary documents, you can take the next step and submit your application. From here, we will contact you with the next steps so you can get your life insurance policy as soon as possible.

Complete Your Medical Exam, If Necessary

Some policies may require you to provide medical records or an assessment with your doctor. However, if you’d prefer to skip the exam, there may be no medical life insurance options available. This might be particularly beneficial if you need life insurance immediately or have health issues that might negatively impact your options.

How much life insurance should I get?

Consider your financial needs and goals when deciding how much life insurance coverage you should get. If you only need coverage for a certain amount of years, such as while you pay off your mortgage, then a term life insurance policy may be right for you. But if you have lifelong dependents, you may consider whole life insurance instead. Use our life insurance calculator to better understand how much life insurance coverage you may need.

Aflac Life Insurance

Getting life insurance can help provide financial security for those you care about most. Learning about the process and determining the best time for you to get life insurance can make all the difference. Aflac term and whole life insurance policies offer competitive rates and can fit most needs for you and your family.

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