Million dollar question.. WHY?
Are you the main breadwinner for the family? Life insurance is often a good idea.
Kids still going to school? Life insurance is often a good idea.
Got Home loan or other debts? Life insurance is often a good idea.
Do the mathematics for yourself:
How much are your different debts (Mortgage + Auto Loans + Credit card balances + more)
Kids education expenses
If spouse is not financially independent then few years of income
Pick the type of Insurance (Term or Whole)
Check you pockets for how much premium you can do?
Tip: Term option is cheaper
Pick a time frame
Based on your current age and time frame your family would be self-supporting pick an appropriate term.
Tip: Usually parents will want to ensure kids will be covered until adulthood.
Pick & Choose Insurance Products
Do some research via online, magazines, talk to agents or talk to your friends and find out which company has products suiting to your needs.
Don’t go with an agent representing a single company, also talk to “independents,” who compare underwriters’ rates.
Tip: Get several quotes and review for yourself.
Insurance Company selection
Make sure the insurance company is solid, check out financial strength & ratings from variou financial institutions like S&P, Moody’s, Fitch, etc.