Top 10 Questions About Life Insurance

You don't need life insurance if:

• You are so well off that your loved ones can maintain their lifestyle and handle future financial needs without depleting your nest egg.

• Your death won't be a financial hardship to anyone. For example, if you're single with no dependents. Or if you're a two-income, childless couple, and either of you could easily maintain your lifestyle without the other's income. (But think beyond family here. Is there a charity that you've made a significant financial commitment to? A business that depends on you? You may want to buy insurance to soften the blow for them.)

If you don't fit these descriptions, then chances are you need some kind of life insurance.

This is dependent upon your personal situation. And a SelectQuote licensed agent can help you do a simple "Needs Analysis" that will give you your answer.

You'll probably want to replace your income, first and foremost. Then you'll want to provide for future expenses like a college education for your children, weddings, and a comfortable retirement for your spouse.

Finally, think about any special bequests you could make with life insurance – to your college alumni association or the local art museum, for example.

There are several insurance ratings services, such as A.M. Best. Insurance companies are primarily rated on financial stability and claims-paying ability.

You'll want to make sure the company you buy from is rated A- or higher by A.M. Best. Every life insurance company that SelectQuote represents is rated A- to A+ by A.M. Best, and has a good record of paying every legitimate claim.

Check out Decisions you need to make on this website. Doing so will help you define what's really important to you in a policy. In addition to weighing Term versus Permanent Life Insurance, you'll be able to clearly consider how much coverage you really need – and how long you really need it.

If your household depends on the income of both spouses, then both need life insurance.

If your spouse takes care of the children, cooks, cleans, or chauffeurs, you'd need to pay for these services – or provide them in some way – if he or she died. If you decide to do all of them yourself, you'd need to cut into your work time and potentially reduce your own earnings. A life insurance policy on your spouse can provide the funds to meet these needs.

First, buying term life insurance instead of Permanent (Whole Life, Universal Life or Variable Life Insurance) can save you thousands of dollars over the duration of the term policy.

A SelectQuote licensed agent will impartially shop our highly-rated life insurance companies for their best rates for you. Buying a no-frills, no-extras policy (no riders, no extra-cost benefits) is another cost-saving strategy.

Start with the web, and congratulate yourself that you're on the SelectQuote site. In 1985, SelectQuote pioneered the impartial direct marketing of term life insurance over the phone. While we represent several highly-rated insurance companies, our licensed agents are independent – and serve as your impartial advisors and advocates every step of the way.

We have unmatched experience in term life insurance. Once we have a clear idea of who you are, we can match you with the life insurance company that offers the best combination of quality and price for you.

Today, many life insurance companies will write policies for people they would have considered uninsurable 20 years ago. We're knowledgeable about the underwriting policies of the life insurance companies we represent, and we can help guide you to those most likely to underwrite you at the most competitive price.

If your policy has an Accelerated Death Benefit rider, and you become terminally ill or suffer certain kinds of disabilities, a life insurance company will pay part of what would have been the death benefit. These riders are automatically added (where available) and have no initial charge. Please ask your agent or review the policy for full details.

No. And no. But at the end of the term you choose – 10, 15, 20, or 30 years – you may have a hard time finding a new policy with affordable rates. You can keep the term policy you have, but you may not want to. After your guaranteed rate period ends, your rate will increase substantially – and will continue to go up every year thereafter.

If your health becomes an issue before the expiration of the conversion right in your policy, it may be a good idea to convert your term policy to a permanent one.