A Guide to Buying Personal Life Insurance

Many people think buying life insurance is too expensive or complicated and pay little attention to the future financial needs of their loved ones. With a little bit of research, you will find that purchasing Dayville Life Insurance is easy and affordable. There is no better way to have peace of mind than to know that your partner, spouse, or children will be taken care of when you pass away.

How To Buy Life Insurance

A basic understanding of how life insurance works is the best way to start looking into appropriate policies. Life insurance provides death benefits to the beneficiary of the policy upon your death. This is a financial settlement paid for over the course of the policy through premiums. However, some policies have additional benefits.

You can choose from a number of different policy types, though the most commonly purchased policies are whole life and term policies. Whole life, also known as permanent life, is a policy that stays active until your death, upon which your named beneficiaries receive the monetary amount listed on the policy. Whole life policies can build cash value which the holder can borrow against. Permanent insurance options include:

  • Universal life
  • Whole life
  • Variable universal life
  • Indexed universal life

Term life insurance provides similar death benefits, though the policy is written for a specific term or period. Should you outlive this term, the policy can be renewed, though there is no refund or benefits received from the initial policy.

Steps for Purchasing Life Insurance

To make sure your investment provides the returns you expect, follow these steps for purchasing life insurance.

1. Decide If the Time Is Right

Many young adults who aren’t raising families don’t see the need for life insurance, but the costs of paying for funeral expenses can be a burden on parents or siblings. Similarly, raising a family can be a financial burden, especially as a single parent. Life insurance isn’t just for those who are aging.

2. Evaluate How Much Insurance Is Needed

Look at your finances and possible assets that could be sold after your death. Consider the financial needs of your surviving family members after your death. This includes living expenses, funeral expenses, and any debt you have. Subtract the financial resources your survivors will have from what their needs will be. The answer is a base estimate for how much life insurance you will want to have.

3. Determine the Appropriate Policy Option

A limited budget may require you to choose a term policy, as these can have lower premiums. If you prefer to invest in a permanent policy that will accumulate savings, consider universal or whole life coverage. Decide on the beneficiaries of the policy and analyze potential riders to add.

So long as you pay your premiums, you can be confident that your loved ones will have financial support upon your death. Evaluate their needs when looking into which policy and amount to purchase.

About Byrnes Agency 

At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations. 

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Dayville Office 

Phone: (860) 774-8549 

394 Lake Rd 

Dayville, CT 06241 

United States 


Hours of Operation: Monday- Friday 9:00am-5:00pm 

Norwich Office 

Phone: (860) 886-5498 

6 Consumers Avenue 

Norwich, CT 06360 

United States 


Hours of Operation: Monday- Friday 9:00am-5:00pm