How Do You Buy Life Insurance?

​It’s one of those purchases you don’t make often, similar to buying a house or a car or a business.  But it’s also different.  When you buy a house or a car, you pick and choose size, style and/or model.  And, the financing of these assets can be complicated with the application process, credit checks, setting up monthly payments, etc.
 
When you buy life insurance, it can be even more complicated.  You don’t really get to see the product because you’re actually buying a contract.  In the case of a home or car purchase, you can track their values; in fact, your finance company will require a certain loan to value ratio and that the asset is insured for the loan amount or current value.  With life insurance, what is the value of what you’re insuring?
 
I’ll cover more of these comparisons in future posts.