Life insurance is an uncomfortable topic for many people. However, it's a necessary one, as most people recognize the importance of leaving a legacy behind for their loved ones. Finding the right life insurance policy can be difficult for a variety of reasons. Here is a look at some things you can do to simplify the process. Life insurance is significant because it allows you to leave something in place for your loved ones after you have passed away. Life insurance policies are often used to cover a person's funeral expenses or pay off debt. However, finding the right life insurance policy has become more difficult than ever before. It appears that there is a generational disconnect. Millennials are starting to shop for life insurance. Many millennials are used to researching, reviewing, and purchasing products online. The demand for quick sales processes doesn't align with the traditional way of purchasing life insurance. The biggest barrier is medical underwriting. Life insurance policies are centered on risk mitigation. There are multiple steps involved before you are approved for a life insurance policy, including submitting an application, doing a phone interview, taking a medical exam, and calculating your life expectancy. The entire process could take at least one month. Insurance companies seek a lot of information so that they can accurately assess the risks of your policy. If companies switch to a more efficient process, there is a fear that they may not be able to pay out your claim. Life insurance analysts encourage companies to use analytics and Artificial Intelligence to create a more efficient underwriting process. The recent technological advancements make it easy for computers to accurately assess risk faster than doctors. Insurance providers have to alter their ways or risk falling behind. Ways to Simplify Purchasing Life Insurance 

• Analyze Your Financial Situation 

Before you start researching life insurance policies, make sure that you have a clear understanding of your finances. The type of coverage you need may vary based on how much money you have saved in an emergency fund, savings account, and any other benefits. If you are in a solid position financially, you may not need a lot of coverage. Make sure to consult with a financial advisor before you purchase any policy.

• Have a Clear Plan 

Make sure that you are fully aware of why you are purchasing life insurance. Perhaps you want to put things in place to cover your mortgage or take care of bills. Perhaps you want life insurance to help pay for your children's future college tuition. It's important to have a policy with a death benefit equal to at least 9 or 10 times your annual salary.

• Research Different Variables 

Remember that the younger you are when you purchase life insurance, the cheaper it will be. There are different benefits based on the type of policy that you choose. Some life insurance policies allow you to lock in a low rate and then change the terms of your policy in the future as your life changes.

• Learn About Term Life and Permanent Life Insurance 

Term life policies provide coverage for a specific period of time. Most policies are set between 20 and 25 years. Term life policies appeal to people who are looking for coverage until they reach a specific goal. Permanent coverage is more expensive, but you are covered for the rest of your life. Permanent policies also accumulate a cash value that you can use to your benefit.

• Don't Simply Focus on Price 

While it's important to find a policy with an affordable premium, that shouldn't be your only objective. Consider hidden variables such as policy's internal costs or non-guaranteed parts of the policy. You also need to make sure that you find a company that has great ratings from different agencies.

• Shop Around 

Get quotes from several companies before making a final decision. If you choose to work with an independent agency, you'll receive access to different quotes from multiple companies at the same time. Searching for life insurance can be an overwhelming process at times. More carriers are aware that they need to make changes to become more appealing to this new generation of life insurance shoppers. If you are looking for an experienced agency offering life insurance near you, contact the experts at East End Insurance Agency today. We are ready to assist you with all your coverage needs.