Do you have a life insurance policy that you pay a premium for every month? If you do, you’re probably wondering whether it’s worth it and how much life insurance you need. If you don’t already have life insurance, you’re likely wondering whether it’s essential to purchase some. It’s not always the easiest decision to make. Knowing enough about what life insurance is and who needs it can help you make up your mind.

For some people, life insurance is an investment for the future, while for others, its to prevent leaving the burden of final expenses on a loved one after they pass. Whatever your reasons for considering it are, you first need to know the differences between the types of life insurance available. For a quick rundown and a little insight into whether you need to start searching for an insurance policy, read on.

Learn about the basics.

Do you know how to differentiate between term life insurance, whole life insurance, and universal life insurance? Have you ever heard of the term permanent life insurance? Before you get in touch with a life insurance company, learn a little about each type of life insurance and how it would benefit you.

Once you finish reading the basics, dig a little deeper to find out more about how it all works. For example, term insurance is a good option if you’re looking for something cheap to try out, but are there any benefits you may miss? Consider everything from death benefits and the amount of coverage to what your premium payments cover. Also, consider all the exclusions, and see whether there’s a type of policy that fits your specific needs.

Once you decide what type of life insurance you need, consider the costs at different life insurance companies. It’s a good idea to compare life insurance rates and read reviews before you make a decision. An easy way to find a reasonable price is to use an online search tool like SelectQuote to get accurate life insurance quotes. You can look for the best policy, compare coverage amounts and find one that’s perfect for you.

Consider how healthy you are.

When did you last see a specialist or review your medical history? Even if you believe you are in good health, it’s a good idea to get a medical exam before deciding. Don’t wait for the insurance company to schedule a medical exam to determine whether you have any health issues.

It’s a good idea to check for everything from congestive heart failure to high cholesterol. Even if you don’t have health issues at the moment, you can test to see whether genes put you at a higher risk. Find the best cardiologist or doctor, so you know exactly where you stand in the health department. The best way to find a doctor is to use an online platform that does the hard work of searching for you. Platforms like MediFind make it easy to type something like “cardiologists near me” in a search box and then bring up a range of options.

Make an informed decision.

Once you know enough about what you can afford, the cash value, death benefit, coverage options, and if your health will affect your policy, it’s time to decide. If you have children, things like death benefits can be a benefit for them after you pass. If you have health issues, consider whether having a policy will help with any medical treatment plans in the future.

Does everyone need a life insurance policy? Probably not, but it’s never a bad idea to have one. People with a high annual income, enough savings, no dependent family members, and minimal health problems may not always require one. Still, it’s a good idea to consider the pros and cons to see whether you can view a life insurance policy as a financial investment for your future.