If you’re considering getting a life insurance plan, there are a few things you should know. Currently, 18.7 million people need life insurance. For whatever reason, however, they don’t have it.

They might be stuck in limbo. Or, they might not know how to purchase it. If you’ve considered getting a life insurance plan—specifically, a term life plan—check out the steps below.

Step One: Get Insurance Plan Quotes

Before buying a life insurance plan, you’ll want to compare prices. You can get quotes by submitting some minor information to an insurance agent. These might include:

• Your overall health report
• Your current income
• Your financial situation

Often, it is best to work with an independent insurance agent to compare quotes. Independent agents usually work with multiple insurance companies. They can look at a wide variety of policy offerings to help you choose the best one available to you. Kevin Brewer & Associates, Inc. is an independent agency, and we can help you compare multiple plans.

Step Two: Compare Term Life Insurance Plans

Term life insurance, for many, makes more sense than whole life insurance. Term life insurance requires a premium, every month. It offers coverage for a certain time period. This period, called a term, will offer the regular benefits of a life insurance policy. If you die while the policy is active, a beneficiary of your choosing gets the policy’s death benefit.

Step Three: Pick Your Policy

Now, you’ll need to pick your term life insurance policy. First, you’ll pick the length of term. Then, you’ll pick the amount of coverage you need. This is often based on your income, debt and how much of a financial legacy you want to leave.

You’ll probably pick a plan based upon price, which is okay. In fact, your insurance agent can often help you find the most affordable prices. Once you’ve compared prices, you’ll be able to save money while securing great coverage.

Step Four: Complete the Application

Once you’ve secured a quote, you’ll start the application process. It’s often a short application, but you’ll need several documents. Primarily, you’ll need income information, tax returns and relevant health forms.

Step Five: Get a Medical Exam

Next, you’ll likely need a medical exam. This exam, often free, takes roughly 30 minutes to complete. It’s designed to be convenient, and it’ll give your policy’s providers a better idea of your overall health. You might need to have a follow-up phone interview, but the process is a guided one.

Once you’ve found the perfect policy, get ready to enjoy the benefits. A term life insurance policy is often beneficial to those with financial restraints. Make sure you have your name, phone number and address ready, and contact your policy provider with any questions.

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