a couple applies for life insurance on their smartphone

There are times in our lives when it makes sense to consider buying life insurance protection — or buying more of it. Getting married, starting or growing your family, even getting a new job are all good times to consider if the people you love will be able to carry on financially if something were to happen to you.

And new advances in technology are making it faster, easier and more convenient than ever to get the protection you need from the comfort of your own home at your own pace. The following steps can help you get started.

1. Determine what type of life insurance you need.

While all life insurance is designed to offer protection for your loved ones if you’re gone, there are many different types to consider. Term life, which lasts for a specified amount of time, tends to be the most affordable option. Many term life policies, including Nationwide term life, also offer additional features (called riders) that enable you to use your policy’s death benefit during your lifetime in cases of critical, chronic or terminal illnesses. [1]

Permanent life insurance products (whole, universal or variable) tend to be more expensive, but they offer lifetime protection and cash value and/or investment options.

So, the first step to buying life insurance online is to find out which type of insurance may be the best fit for your unique protection needs.

2. Find out how much life insurance you need.

Once you know the type of policy that you want, you need to determine the amount of protection your loved ones will need. A general rule of thumb is to multiply your gross annual income by 10 to 15. You can also opt for an amount that will pay off your largest dept, for example, your mortgage. But there are online calculators available that offer a more customized figure to fit your needs.

If you decide that term life insurance is right for you, you can even see how much coverage might cost by using an online quoting tool.

3. Determine whether you need any life insurance riders.

Many products also offer features called riders that you can add to your policy for an additional cost. These riders can include things such as providing life insurance coverage for a spouse or child or waiving your policy premium in the case of a disability. Each policy is different, so check with your selected insurance carrier for more details.

4. Understand how getting life insurance works.

When you know the type and amount of coverage you need, you can begin the application process, which includes these steps:

  1. Apply online and submit your application.
  2. An underwriter will review your application and all needed documentation. You’ll be asked to complete a online interview so they can verify your medical and personal history. And depending on your individual health and characteristics, you may be asked to complete a medical examination. Keep in mind that there are policies that do not require medical exams, but they may be more expensive than other products available.
  3. If your application is approved, a policy will be offered and you’ll see exactly how much you’ll pay for your policy.
  4. Purchase the policy and file your paperwork in a safe spot.

5. Gather the documents you need to apply.

It’s a good idea to have your driver’s license (or other proof of identity, such as a valid passport or birth certificate) and your Social Security number or card available at the time that you apply.

Life insurance tips to consider.

Think about these additional things before you make your purchase:

  • Does your employer offer life insurance? If so, make sure the amount they offer is enough to cover your needs. And keep in mind that if you change employers, the insurance doesn’t go with you. It might be a good idea to also compare the cost of your employer’s group life policy to a term life policy to see which one would be more affordable. Use our term life quoting tool to see what it would cost.
  • Look at both the premiums you’ll be paying each month and the death benefit you’re getting from different products to select the product that best meets your needs.
  • You’ll need to review your policy each year to ensure your needs are still being met.

And if you have questions, please feel free to contact one of our life insurance specialists at 1-866-207-9160 for a no-obligation consultation.

Get started today.

If something ever happens to you, life insurance can provide your dependents with a layer of security by replacing your lost income.

Get the coverage you need today by applying for term life insurance online or by calling 1-866-207-9160 to talk to an insurance specialist about applying for whole, universal or variable life.

Protect the people you love. Discover the benefits of life insurance today.
[1] These features are available on all Nationwide term life policies other than 10-year term.