Everyone knows when they need to purchase auto, home or health insurance. But how do you know if, or when, you need life insurance?

It's simple, just ask yourself: "If I died tomorrow, would I leave anyone with a financial burden?" If the answer is, "Yes," it's time to look for a plan that will provide you with peace of mind, knowing that your debts or loved ones will be taken care of in the event of your death.

It is important to understand the different types of life insurance in order to select the type of coverage that best meets your needs. Life insurance can be more than just providing a death benefit, some types can also be a source of retirement income, fund a child's education or a source of cash in an emergency.

If you have life insurance, it's important to regularly review your coverage to ensure that it continues to meet your needs as part of your overall financial planning. According to a recent study by Life Insurance and Market Research Association (LIMRA), 48 million households believe they do not have enough life insurance coverage.

The Internet can be a great place to start gathering information about life insurance products available and their cost. However, utilizing a web-based insurance brokerage website to make a final purchasing decision often leads to lower customer satisfaction. According to a 2009 survey by Beall Research & Training, Inc., 62 percent of respondents bought their insurance through an agent and were significantly more satisfied than those who purchased online in regard to how easy it was to understand their options and to choose a plan that gave them the best coverage tailored to their needs.

There are many things to consider when choosing life insurance and a knowledgeable, licensed agent can work with you to select a plan that fits your needs and budget.

David Townsend Terry is a local licensed insurance agent with Insphere Insurance Solutions. Reach him at (480) 239-0451 or dterry@insphereis.com.

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