Once you’ve compared multiple quotes for life insurance, the next step is to buy your policy. You can buy a life insurance policy directly from a company, affiliated agents, or an independent broker.

Through an independent broker like heycompare and our affiliates: We work for you, offer unbiased advice, and provide a wider array of quotes from many of the best life insurance companies on the market instead of just a single insurer. 

Directly from the insurer: You can also work with a specific insurance company and apply through one of their agents. They’ll be familiar with that company’s products, but you’ll only be able to compare policies from that particular insurer.


Through an affiliated agent: Finally, you can work with an agent who is affiliated with one or more insurance companies. They’ll have access to those insurers’ product guides, but they might work on commission, which could influence their advice and the policies they offer you.

Although life insurance usually covers nearly all deaths regardless of circumstances, there are some situations where it may not. Here are a few examples of what may be excluded from a life insurance policy.

Suicide: Suicide isn’t always excluded, but most insurance companies will not pay out the death benefit if the suicide occurred within 2 years of the policy’s purchase.

Dangerous activity: If the policyholder dies in what is deemed a dangerous activity, their insurer may not pay out the death benefits. Examples of activities that are often viewed as dangerous include rock climbing, scuba diving, and hang gliding, though what’s considered dangerous can vary greatly depending on the policy’s language.

Illegal activity: If the policyholder dies while engaged in illegal activity, such as a bank robbery, the payout of death benefits is almost always excluded.

Aviation: If the policyholder dies in a private plane crash, it’s likely the death benefit payout will be denied. However, most insurance companies will pay out the benefits if the policyholder dies in a commercial plane crash.

Misstatement of age: If you lie about your age on your policy, the insurance company might not pay out your death benefit, or the death benefit may be changed to reflect your correct age and any change in premium associated with the age correction.

Material misrepresentation: If you knowingly lied about information within your life insurance policy to ensure you’d be approved, the insurer might deny the payout.

Personal finance experts recommend that you have savings and/or coverage that are at least ten times your annual salary, if not more. If you have already built up enough savings to provide that safety net on your own, then you may not need life insurance. If your savings falls a bit short, getting a term or guaranteed issue whole life insurance policy can help protect your family’s future.

Most of our customers are one or more of the following:

Parents: It costs tens of thousands to raise a child to adulthood, not including college tuition. A life insurance policy can help ensure financial security for your family.

Homeowners: A mortgage is likely the most significant debt you will ever take on. If you are a homeowner, consider a life insurance policy that lasts the same length as your mortgage term so your family is not stuck in a financially unsustainable situation.

Partners: You’d do anything for your partner, which means ensuring they are taken care of if you die unexpectedly. Be sure to take into account any shared debt, expenses, and future financial plans.

Students: Your debt doesn’t disappear when you die. If you had a private student loan, your parents or other cosigners might be on the hook for your debt if you pass away.

Business owners: It’s not just your family that depends on you when you own a business. Ensuring your business can still run even after you're gone is a smart move.

Retirees: It’s natural to have concerns with covering your final expense if you’re at or approaching retirement age. A whole life insurance policy can help cover these expenses, giving you and your loved ones valuable peace of mind.

Caretakers: If someone depends on you, like an elderly parent or family member with a disability, what would happen to them if you weren’t around? You may want to consider coverage to make sure they’d be taken care of.

A beneficiary is a person or trust designated as the recipient of the policy proceeds after the death of the insured.

The beneficiary submits a claim to the life insurance company for the policy proceeds.

You, as the policy owner, can decide who to designate as your beneficiary (or beneficiaries).