How to Buy Life Insurance
At Diversified Insurance Brokers, we make buying life insurance simple, transparent, and tailored to your needs. With access to over 75 top-rated carriers, we help you find the right coverage at the best price—whether you’re looking for term, whole life, universal life, or final expense policies. Our step-by-step process takes the guesswork out of protecting your family and securing your financial future.
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Step 1: Determine How Much Coverage You Need
Start by calculating your coverage amount based on your income, debts, future obligations, and family’s lifestyle needs. Common recommendations are 7–10 times your annual income, but every family’s situation is unique.
Step 2: Choose the Right Type of Life Insurance
- Term Life Insurance: Affordable coverage for a set period (10, 20, or 30 years).
- Whole Life Insurance: Lifetime coverage with guaranteed cash value growth.
- Universal Life Insurance: Flexible coverage with adjustable premiums and cash value potential.
- Final Expense Insurance: Smaller policies designed to cover funeral costs and final bills.
Step 3: Compare Multiple Carriers
Rates can vary significantly between insurance companies, even for the same coverage. Diversified Insurance Brokers compares over 75 top-rated carriers so you can be confident you’re getting the best value.
Step 4: Complete the Application
Our advisors guide you through the application process, helping you answer health and lifestyle questions accurately. Some policies require a medical exam, while others may offer instant approval.
Step 5: Review and Activate Your Policy
Once approved, we review your policy with you to make sure all details match your needs. Then you can activate coverage and enjoy peace of mind knowing your loved ones are protected.
Why Work with Diversified Insurance Brokers?
As independent advisors, we work for you—not the insurance companies. Our goal is to find the policy that provides the best protection for your family while fitting your budget. With decades of experience and advanced underwriting expertise, we make sure you get the right coverage without overpaying.
Bottom Line
Buying life insurance doesn’t have to be complicated. By following a clear process and comparing multiple carriers, you can secure the right coverage for your family’s needs at a price that works for you.
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FAQs: How to Buy Life Insurance
How much life insurance do I need?
A quick rule of thumb is 10–15× your annual income, but a needs analysis is better—add debts, mortgage, college goals, final expenses, and income-replacement years, minus existing assets and coverage.
Term vs. whole life—what’s the difference?
Term life covers you for a specific period (e.g., 10–30 years) with the lowest cost per dollar. Whole life is permanent coverage with level premiums and guaranteed cash value—typically higher premiums.
Do I need a medical exam?
Not always. Many carriers offer instant-decision or simplified-issue policies with no exam. Fully underwritten policies may require labs and can offer lower premiums for healthy applicants.
How long should my term be?
Match the term to your biggest obligations—years left on your mortgage, youngest child’s age to independence, or time to retirement. Common choices are 20 or 30 years; laddering multiple terms can reduce cost.
What affects my premium the most?
Age, health, nicotine use, coverage amount, term length, and risk factors (driving, hobbies). Applying sooner generally locks in lower rates for the full term or lifetime of the policy.
Can I convert my term policy to permanent insurance?
Many term policies include a conversion option for a limited window—no new medical underwriting—useful if health changes or you want lifetime coverage. Carrier rules and deadlines vary.
Who should be my beneficiary?
Name a primary and contingent beneficiary. Avoid listing minors directly—consider a trust or custodian arrangement so funds are managed as intended if a claim occurs while they’re underage.
How long does approval take?
Instant-decision options can approve in minutes; simplified-issue typically takes days; fully underwritten cases may take 2–6 weeks depending on medical records and labs.
What riders should I consider?
Common riders include accelerated death benefit (terminal/chronic illness), waiver of premium (disability), child rider, and term conversion features. Choose only riders that fit your goals and budget.
Is employer life insurance enough?
Group coverage is a good start but usually limited (e.g., 1–2× salary) and not portable if you change jobs. A personal policy locks in pricing and follows you regardless of employment.
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