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Make sure you feel confident in the insurance agent and company. Decide how much you need, for how long, and what you can afford to pay. Learn what kinds of policies will provide what you need and pick the one that is best for you. Do not sign an application until you review it carefully to be sure the answers are complete and accurate. Do not buy

Term Cover Life Insurance gives you simple, flexible cover that can pay out quickly when it's needed. It could pay out a lump sum if you die. Or be paid out in advance if you become terminally ill providing for your loved ones when you can't.

Whole life insurance is designed to provide coverage on the insured for the insureds entire life as long as premiums are paid and the policy has not been surrendered. On the other hand, term life insurance provides coverage only for a fixed period that is stated in the policy.

The good news is that many policies will give you the option to renew your policy when you reach the end of the term. The bad news is that you'll probably face much higher costs since age is one of key factors used to determine life insurance premiums.

When consumers purchase whole or universal life insurance, they typically are told that if they make payments of a certain size for a certain number of years, their policies will be fully paid up, with no additional payments required for a lifetime of coverage and death benefits for their heirs.

Most insurance companies require that the beneficiary have an insurable interest in the life of the insured at the time of application. In other words, the named beneficiary would suffer a financial loss should death of the insured occur. An insurable interest is presumed for close family members such as spouse, children, parent, grandchild, siblin