Getting life insurance does not have to begin with choosing a policy. It begins with understanding what you want the coverage to accomplish.
At Cleaver Insurance Agency in Bartonville, Texas, we help families throughout Texas work through that decision, one step at a time.
Step 1: Identify What You Want to Protect
Consider the financial responsibilities that would remain if your household lost an income or a family member.
These might include:
- A mortgage or other outstanding debts.
- Everyday household expenses.
- Financial support for children or other dependents.
- Education expenses.
- Final expenses.
- Long-term family or business obligations.
You may already have life insurance through work or an existing individual policy. That coverage should be part of the conversation, too.
Step 2: Estimate How Much Coverage You May Need
A common starting point for estimating life insurance needs is the D.I.M.E. framework:
- D = Debt: Outstanding financial obligations you would want covered, excluding the mortgage if it is counted separately.
- I = Income: The amount of income replacement your household may need and the number of years that support would be necessary.
- M = Mortgage: The remaining home loan balance or the portion you want coverage to help address.
- E = Expenses: Other anticipated financial needs, including children's education, final expenses and additional family obligations not already included.
Existing life insurance, savings and other resources available to meet these needs should also be considered.
D.I.M.E. is a starting point, not a substitute for a personalized needs assessment.
Avoid counting the same obligation more than once.
Step 3: Decide How Long the Coverage Should Last
Some needs are temporary. Others may continue throughout your lifetime.
Term Life is often a practical starting point for families who need substantial coverage during their mortgage-paying, income-earning or child-raising years.
Whole Life and Indexed Universal Life are forms of permanent coverage that may be appropriate for certain long-term needs. They have different costs, guarantees, flexibility and risks.
The right answer may involve one policy or a combination of coverage types.
Compare the types of life insurance →
Step 4: Review an Initial Estimate
Your age, tobacco or nicotine use, health history, coverage amount, policy type and other underwriting factors can affect the cost of life insurance.
We can help you review an initial estimate based on the information available. This gives you a starting point for comparing coverage amounts, policy durations and affordability.
An initial estimate is not an offer of insurance or a guaranteed premium. The final amount and eligibility depend on the insurer's underwriting review and applicable policy requirements.
Step 5: Complete the Application
If you decide to explore coverage further, we'll help you begin the insurer's secure application process.
You'll receive instructions for reviewing the applicable disclosures, providing consent and completing your portion of the application. Depending on the product, you may be asked about your health history, lifestyle, financial circumstances and other underwriting information.
Some eligible applicants may receive an automated decision quickly. Others may require additional review, medical records or an examination.
Beginning an application does not obligate you to purchase a policy.
Step 6: Review Your Offer Before Deciding
If the insurer offers coverage, we'll help you review the approved coverage amount, premium, policy provisions and any applicable riders or limitations.
You can then decide whether to accept the offer.
Submitting an application or receiving an underwriting decision does not, by itself, place coverage in force. Coverage becomes effective according to the insurer's applicable acceptance, signature, payment, policy-issue and effective-date requirements.
Where Should You Start?
You do not need to know exactly which policy you want.
Start by telling us a little about your household, the coverage you already have and what you would like to protect.
We'll help you identify a reasonable starting point, review available options and explain the next steps.
Cleaver Insurance Agency | Bartonville, Texas. Serving families throughout Texas.
Product availability, eligibility, benefits, riders and policy provisions may vary by state and applicant. Coverage is subject to underwriting, applicable policy terms, limitations and exclusions. Any policy guarantees are subject to the issuing insurer's financial strength and claims-paying ability. Preliminary premium estimates are not binding offers of insurance.
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