By Brad Rhodes

There is an old saying about life insurance: “you buy life insurance because you either owe someone or you love someone.”
The life insurance industry has changed, with the introduction of the internet, access to information has increase as well as the options to acquire it and manage it. For many people life insurance is just a commodity and frankly it is until….. until the insured dies. Then it becomes a lifeline to security, income and family continuation.
Working with a licensed and authorized insurance agent can help you decipher the insurance road. Still many people want to look behind the hood for themselves. If you are one of those people, here are some tips.
• Shop around and compare quotes from multiple insurers. Different insurers may have different rates for the same coverage, so it’s important to compare quotes from multiple companies to find the best deal.
• Consider term life insurance. Term life insurance is generally less expensive than permanent life insurance, such as whole life or universal life. With term life insurance, you pay a premium for a specific period of time (the “term”), such as 10 or 20 years. If you pass away during the term, your beneficiaries will receive a death benefit. If you outlive the term, the policy will expire, and you will no longer be covered.
But, term insurance is like renting, you only can keep it for a specific period of time. Permanent (whole life) insurance will protect you for your entire life.
• Consider your coverage needs. The amount of coverage you need will affect the cost of your policy. Determine how much coverage you need based on your financial goals and the needs of your beneficiaries, and choose a policy that provides the right amount of coverage at a price you can afford.
• Consider your health. Insurers will consider your health when determining the premium for your policy. If you have good health, you may be able to qualify for lower premiums.
• Consider your lifestyle. Insurers may consider factors such as your occupation, hobbies and whether you smoke when determining the premium for your policy. If you have a high-risk occupation or engage in risky hobbies, you may pay more for life insurance. If you smoke, you may also pay more for life insurance.
• Considering working with an independent insurance agent. An independent insurance agent can help you compare quotes from multiple insurers and find a policy that fits your needs and budget.

Brad Rhodes lives in Lexington and is a member of Syndicated Columnists.