How does a consumer know what policy is right for them and their loved ones? There are many insurance companies and agents selling life insurance. The consumer should know what they need before they start shopping.
The first step to knowing and understanding your personal needs for life insurance is to define what it will be used for in the event of the insured passing. If the policy is needed only for final arrangements such as funeral expenses and burial then checking the area funeral homes is a good place to start. Once the cost of the final expenses has been calculated, there are other things to consider that the life insurance policy might need to cover.
If there are minor children and it is the head of household that is purchasing the insurance, a larger policy may be needed.
Taking the time to speak to a number of insurance agents and life insurance companies is the best place to start one, the family has an idea of what they will need in the event of the passing of a loved one.