Life insurance is an incredibly valuable form of protection that can provide your loved ones, such as your spouse and children, with the funds they need if you pass away. But while all of these policies are designed to provide that same benefit, the terms of each plan can vary significantly. As such, it’s important to design your policy in a way that fits both your current and long-term needs. To help you navigate this process, below are five criteria you should keep in mind when comparing life insurance options.

5 Considerations to Make When You Buy Life Insurance

1. Total Value Needed  

The death benefit of a life insurance policy is the total amount that will be paid to your beneficiaries upon your passing.

Your total benefit should accurately reflect all the expenses your loved ones may be liable for after your death, including those related to unpaid debt, mortgage, lost income, burial and cremation, and children’s education.

2. Coverage Duration

life insuranceTerm life insurance only provides coverage for a specific period, such as 10, 20, or 30 years. Whole life insurance, on the other hand, lasts indefinitely as long as you’ve met your premium requirements. If you want to provide your family with lasting peace of mind, a whole life plan may be preferable. However, if you’re a younger individual with temporary expenses, such as childcare or mortgage payments, you might opt for a shorter-term life solution.

3. Budget

Compared to other types of coverage, life insurance is relatively affordable. However, certain plans will cost more than others, so it’s best to work with your insurance agent to develop a plan that fits your current budget. Term life plans, for instance, cost less than whole life policies. In addition, the higher the benefit, the more you can expect your premiums to cost.

4. Beneficiaries

Beneficiaries are the parties that will receive funds from a life insurance policy. Typically, individuals will name their spouses and children as beneficiaries. However, you can name anyone that suits your wishes, including parents, siblings, and pets governed by a trustee.

5. Riders

Riders are additional points of coverage that you can add to your life insurance policy. For example, a guaranteed liability rider will allow you to increase premiums without having to see a doctor for an exam again. Or, if you have an accelerated death rider, you can receive funds to assist with your care if you are suffering from a terminal illness.


When you want to lock down a life insurance policy that fits your specific needs, turn to the Quinn Agency. Serving the Meadville, PA, community since 1992, these insurance agents are recognized for delivering personalized coverage solutions. Holding you as a priority, this team will review your financial responsibilities, budget, and risks to determine what type of policy will work hardest for you and your loved ones. To learn more about their expansive line of products, including homeowners and auto insurance, visit this agency online. For questions and quotes, call (814) 337-2766.