Define the purpose first
A policy may be considered for income replacement, debt, education planning, estate objectives, or final expenses. The right amount and duration depend on the household and policy. Avoid selecting a number from a rule of thumb without examining the actual need.
Compare policy types and illustrations
Term and permanent life insurance have different structures, durations, premiums, cash-value features, and risks. If an illustration is provided, read its guaranteed and non-guaranteed elements, assumptions, fees, and surrender provisions.
Keep beneficiaries current
Review beneficiary designations after significant life changes and make sure they align with your broader estate planning. An insurer’s beneficiary form and the policy govern the designation.