Tips for Buying Life Insurance for The First Time

Tips for Buying Life Insurance for The First Time Are you considering buying life insurance for you and your loved ones for the first time? Continue reading to find out everything you need to know beforehand.

Whether you are nearing retirement age or are looking to start a family, making the
decision to organise life insurance can have wide-reaching benefits for you as well as
your loved ones. With greater financial security in the event of an accident or
emergency, it is a great way to safeguard the future of your family for decades to come.

Tips for buying life insurance

Continue reading to familiarise yourself with a number of tips for buying life insurance for the first time.

Shop around for the best policy

Before you sign on the dotted line, you must ensure you shop around for the best policy for your individual budget and lifestyle ahead of time. This can ensure you get the best deal available to you and can prevent you from spending more than is necessary.

With most leading life insurance providers offering free quotes online, there is no excuse not to do your research. It is also worth remembering that quotes can vary from company to company for the same level of coverage.

If you are struggling to make a final decision, an independent life insurance agent may be able to source the best deal for the best price.

Complete your application truthfully

Whilst applying for life insurance, you must avoid omitting any important or obscure
information that may impact your life insurance quote. Whilst it may be tempting to save a bit of money here and there, a number of life insurance providers may rely on third- party sources to validate your data.

As a result, your life insurance application may be declined at the first hurdle. Common lies include age, weight, medical history, alcohol or drug use, mental health, income, occupation, and past prescriptions.

There is, however, a difference between deliberately lying and making an honest mistake. The latter is unlikely to affect your life insurance application in the long run.

Know how much coverage you need

When it comes to buying life insurance, you must know how much coverage you need
beforehand. On average, consumers tend to underestimate how much coverage they
need by only considering how much is likely to pay off any outstanding debt. This
includes mortgage payments, car loans, or personal loans. It is, however, worth also

factoring in how much would be required to pay household bills, support your children,
pay for further education, and cover any long-term needs or requirements. If you are
struggling to decide, a financial planner may be able to help.

Alternatively, a life insurance policy with a death benefit equal to around ten times your annual salary is usually a great rule of thumb.

Consider current as well as future needs

If you are newly married or only just considering the prospect of starting a family,
planning for retirement age may not necessarily rank highly on your list of priorities. But by planning ahead, you can protect the health and wellness of you and your loved ones now and well into the future.

If you are buying life insurance for the first time, you may be surprised at how affordable it can be. By doing so whilst you are still young, you may end up saving a considerable amount of time and money in the long run.

You must consider whether you and your spouse are likely to get married, have children, start a business, or switch career paths as these factors can impact your monthly premiums.

Think about your beneficiaries

Before you buy life insurance for the first time, you must think about your beneficiaries
ahead of time.

A beneficiary is the entity you intend to inherit your health in the event of your untimely passing. It can be a person, a trust, a business, a charity, or even your local church. They are also not required to be related to you in any way, shape, or form.

Who you select as your beneficiary is completely up to you. You must take the time to
think about your beneficiaries to ensure you have made the correct decision. If your
beneficiary is a young child, or a yet unborn child, you must also consider whether or
not any inheritance should be held in a trust beforehand.


If you are considering buying life insurance for the first time, there are a number of
factors you should consider first. For example, it may benefit you in the long run to shop around for the best policy, complete your application truthfully, know how much
coverage you need, consider current as well as future needs, and think about your