Question 4: Where can I buy life insurance?
Once you’ve calculated the death benefit and term length that you need, it’s time to buy the policy. Most policies will be purchased through agents. If you do purchase a policy through an agent, make sure that they are willing and able to sell you policies from any company (i.e., ensure they are not beholden to a certain company that may not have the best policy for you). Most training programs have at least one financially-inclined faculty member who should be able to recommend a local agent. Alternatively, websites like term4sale.com will give the contact information of local agents (in addition to policy pricing) for free. Don’t be afraid to shop around and get multiple quotes from different agents.
Think of purchasing term life insurance from an agent like ordering an entree from an enthusiastic waiter: even if you give the waiter your exact order, he or she may try to up-sell you an appetizer, something to drink, and a dessert. Similarly, when you approach an insurance agent requesting a 30-year level-term policy with a $500,000 death benefit, the agent may to try to sell you some disability insurance, whole life insurance, and an annuity while you’re there. You can minimize these pressures by coming prepared, firmly stating exactly what you would like to purchase, and sticking to your guns when the other offers start coming up. If you feel that the agent has made a good point and you are considering purchasing more than you came for, there is no harm in writing down the information and taking it home with you to think about before making a purchase. Again, if you ever feel uncomfortable with an agent, walk out and find a new one. There are plenty of agents out there that would be happy to sell you a life insurance policy.