At first, thinking about how to get life insurance might seem overwhelming. If you’re not familiar with coverage types or how to buy life insurance policies, you might be tempted to put it off. Fortunately, Bankrate’s editorial team has done a lot of the legwork for you. We’ve put together a comprehensive guide for purchasing a life insurance policy and included valuable tips for selecting coverage amounts and saving on your premium.

How to buy a life insurance policy

Purchasing life insurance may seem complicated if you have never done it before. The first thing to know is that you can choose between permanent and term life insurance. Each comes with potential pros and cons, as well as a wide range of premiums.

Purchasing a life insurance policy has become easier as more insurance providers allow you to request quotes and buy a policy through their website. If you prefer to speak with a licensed agent, you can usually reach out over the phone or in person. Your insurance provider or agent will explain how to finalize your policy. For instance, you might have to get a medical exam, which must be completed in person.

If you are in the market for life insurance, here are the steps you may find helpful in purchasing a policy that is right for you.

1. Decide how much coverage you need

Before you start requesting life insurance quotes, determine how much coverage is right for you. Specifically, decide why you’re purchasing life insurance. For instance, you might take out a policy to financially support your dependents after your death, or you might get life insurance in order to provide a financial gift to loved ones or cover funeral expenses. If you’re a high-net-worth individual, you could use life insurance to cover estate taxes or business succession planning.

Deciding why you’re getting insurance will help you determine whether a term or permanent policy works best for you. For example, if your goal is to have financial security while you pay down a mortgage, you might take out a term that would allow your beneficiary to pay the loan off after your death. If you’d like to leave a legacy, you might take out a policy with a higher death benefit.

Here are just some of the reasons people need life insurance:

—Financial support for dependents

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