—Term life insurance: Term life insurance is generally the cheapest kind of life insurance. It provides coverage over a specific term period, usually between 10 and 30 years. If you pass away during the term, your beneficiaries will receive a payout from the insurance company. Once the term is over, the benefits end unless the policy is renewable or convertible, which is offered by many insurers. It is important to note your premium will likely increase if you choose to renew or convert.

—Whole life insurance: Whole life insurance is a type of permanent life insurance that provides lifetime protection as long as you continue to pay the premium, with fixed premiums and cash value. With some whole life policies, policyholders have to pay their premium until they die, and other policies only require a premium for a certain number of years (although these premiums are much higher compared to the lifelong premiums).

—Universal life insurance: Universal life is another type of permanent coverage. It also accumulates cash value, but the policy is flexible to allow you to change your death benefit and premium to fit your changing needs. There are several forms of universal life insurance, including variable universal life insurance and indexed universal life insurance.

Before you buy life insurance, you may want to do more research to find out which option will best meet your needs.

3. Research different life insurance carriers

Next, start looking for life insurance companies that appeal to you. Remember that no two companies are the same. When choosing a life insurance company, search the website and look at the policy options. The best life insurance company for you may offer a combination of coverage options that fit your insurance needs and a positive customer service experience.

You can get an idea of a company’s level of customer service by reviewing J.D. Power studies for life insurance. Check for a company’s financial strength by reviewing ratings from AM Best, S&P and Moody’s. You may also want to research and compare different life insurance riders, which are add-on coverage options that could give you a broader range of protection. To help you save time, consider working with an independent agent or broker. They can run quotes from several providers on your behalf.

4. Request and compare life insurance quotes

Once you have selected a handful of potential providers, you can get quotes from each company. This can be insightful, considering pricing can vary significantly amongst insurers. Generally, you’ll have to provide some personal information, like your name, address, age and gender, and you’ll most likely have to answer health history questions. For instance, you might have to say whether you’re a smoker, take medications, have had surgeries and answer questions about your lifestyle.

The insurance company then uses that information to calculate a life insurance rate for you. Bear in mind that this is just an estimate since the exact amount might change following a medical exam.

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