8 Questions to Ask Before Buying Life Insurance

Life insurance is one of the most important things you can do for the people who depend on you — and it's cheaper than most people think. Start with these questions.

1. Term or whole life — which do you need?

Term life is simple and affordable and covers a set period; whole life lasts your lifetime and builds cash value but costs far more. Most families are well served by term.

2. How much cover do you actually need?

A common rule of thumb is 10–12x your annual income, plus debts and future costs like your mortgage and children's education.

3. How long should the term be?

Match the term to your obligations — often until your mortgage is paid off or your children are independent.

4. How much will it cost?

Premiums depend on age, health and cover amount. Locking in young and healthy keeps rates low.

5. Do you need a medical exam?

Some policies are fully underwritten (cheaper, exam required); others are no-exam (faster, slightly pricier). Choose based on your health and how quickly you need cover.

6. How financially strong is the insurer?

You're buying a promise that may be paid decades from now. Check the insurer's financial-strength rating.

7. What riders are available?

Add-ons like waiver of premium, accelerated death benefit or child riders can be worth having.

8. How easy is the claims process for your family?

The point is a fast, hassle-free payout when it's needed. Check the insurer's claims reputation.

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Buy term life while you're young and healthy, choose a cover amount that clears your family's obligations, and pick a financially strong insurer.