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The goal of life insurance is to provide a measure of financial security to your loved ones should you die. In its simplest form, it’s a tool to protect against the loss of income. Before purchasing a life insurance policy, you’ll want to carefully consider your financial situation and the standard of living you want to maintain for your surviving loved ones.

Today’s consumers are busy and like to have options. If you’re considering getting life insurance, purchasing it has never been easier because now you can buy life insurance from the comfort of your own home. Getting quotes and applying can be done from anywhere at any time.

Not everyone needs life insurance and maybe you are trying to decide if you should purchase or not. To help you determine if you need it, let’s run through a few scenarios.

» Calculate: Life insurance needs calculator

Who Needs Life Insurance?

Are there people in your life that would be negatively impacted financially if you died? This would mean a significant other, children, or family members who depend on your income to live. If you are young and single with no children and are a member of a wealthy family, you probably don’t need life insurance.

Are you a stay-at-home parent? Stay-at-home parents do the job of multiple people combined. If you were to suddenly die, your spouse would quickly be in over their head trying to make up for everything you did at home. Having life insurance can afford the surviving spouse to take time off work to get everything situated and help pay for services the stay-at-home parent provided.

» Learn more: Life Insurance for a Stay-at-Home Parent

Are you a small-business owner? If you died, would the business crumble? A life insurance policy can work to fund a buy-sell agreement. This is a contract among the owners to buy a deceased owner’s share of the business at an agreed upon price in the event of death, disability, or retirement. With this agreement, your partners won’t be scrambling to figure out a way to keep the business afloat and your beneficiaries will still be compensated as well.

» Learn more: The Best Term Life Insurance for Business Owners

Do you have any debt? Did you co-sign a loan with anyone? Do you have any shared credit card accounts? If you answered yes to any of these and don’t want to saddle your loved ones with your remaining balance, then life insurance could help you.

Example: If your parents helped you through college by co-signing your student loans, then anything you didn’t pay off goes to them if you died. Benefits from a life insurance policy would go toward your debt, paying it off so your mom doesn’t have to.

» Learn more: How to use life insurance to cover your debt

Are you young and healthy? Your age and health play a large role in determining policy premiums. Essentially, the younger you are the cheaper it is so you may consider getting life insurance sooner rather than later.

Example: If you are a newlywed 29-year-old and plan on starting a family soon now may be the perfect time to get life insurance. It would cost less than one dollar a day and it would ensure your spouse and future children are protected.

Example: Maybe your heart belongs to the charity you volunteer at every weekend. Purchasing life insurance now can help you leave a legacy in an inexpensive way.

According to a study by LIMRA, 85 percent of those surveyed say most people should have life insurance, yet only 62 percent do. Of those 85 percent, 86 percent haven’t bought life insurance because they think it is too expensive. This is where term insurance comes in. A 40-year-old non-smoking female can get a $500,000 life insurance policy for 20 years of coverage at only $26 a month. If something were to happen unexpectedly, her family would be protected.

How Much and for How Long?

The rule of thumb is that you should have enough life insurance to cover 10 times your annual income, but this is an estimate and is not right for everyone.

Example: A single, childless man with an annual income of $75,000 does not need the same amount of coverage as a married father of three with the same income.

If you have loved ones who depend on your income you will want to get enough coverage to allow them to live their lives as planned despite your absence, you also want enough to cover your final expenses (funeral/burial), and cover your debt.

If you have loved ones who depend on your income you will want to get enough coverage to allow them to live their lives as planned despite your absence, you also want enough to cover your final expenses (funeral/burial), and cover your debt.

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Determining the term length can seem like guesswork, but it’s easy to narrow down. If you are getting term insurance to make sure your loved ones are protected from your debt then you only need to get enough to cover it as you pay it off.

Example: If you have a mortgage but believe it will be paid off in 10 years then a 30-year term policy would be unnecessary.

Example: If you are getting term insurance to ensure your four-year-old child can go to college, set the term length for 20 years so their education would still be covered if something happened to you.

How Do I Get Life Insurance?

Here at Quotacy we make the process of getting life insurance as easy as possible.

We don’t want you to have to give up your first born and a phone number just to get a term insurance quote and we don’t want you to worry that your personal information will be sold to third parties.

Simply enter your zip code, gender, birthdate, smoking status, and whether you want to pay monthly or annually and we’ll instantly show you an estimate for how much your term insurance policy would cost.

» Compare: Term life insurance quotes

After getting your quote you can play around with our slider features. You can adjust your policy value, this is how much your beneficiaries would receive, and also how long you want coverage for. As you adjust these sliders your estimated cost is adjusted right along with you so you know exactly what you’re paying for (no hidden fees here!)

There also is an easy-to-use needs analysis calculator to help you determine how much coverage you need.

Screen shot of Quotacy's term quoting tool.

Once you are happy with the value, coverage, and premium you then click Compare Policies where you continue on to get more specific so we have the right information to get you the best coverage possible. It is here where you will enter your height and weight, tobacco usage, heart health, and family history.

After that you will see a list of insurance carrier choices and plan options. We only work with the top rated carriers so you don’t need to worry about poor business practices when it comes to your money.

Once you select the insurance carrier you’d like to apply with, and complete your online submission, your dedicated team of agents and application coordinators at Quotacy will take it from there. We make sure you get the best coverage at the price you deserve and we’ll keep you informed every step of the way in whichever method of communication you prefer whether that be phone calls, texts, or e-mails.

» Learn more: 10 Tips to Ensure You Get the Best Term Life Insurance

Your life is private and we won’t intrude, but invade us if you’d like! We’re always here to help you if you have any questions or concerns so contact us at any time.

No one ever anticipates needing to use life insurance, but the unexpected happens. Be prepared and get a free and anonymous term life insurance quote today.


Photo credit to: Glenn Carstens-Peters

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius

Marketing Content Manager

Natasha is a writer and content editor at Quotacy. She is also co-host of Quotacy’s YouTube series. She can't get enough of life insurance and outside of work is also working toward her Chartered Life Underwriter designation. Connect with her on LinkedIn.