It’s best to use a broker who deals with several companies, if you know little about buying life insurance. A broker can educate you about the different options available and how the cash values accumulate. He can even explain to you what the policy will cost you over different periods of time. Although your premium is based on your age, that too can increase over a period of time.
If the protection you want exceeds $500,000, you can purchase a few policies from various companies. Required by law, each state has its own life insurance guaranty corporation.  This is to protect insureds in the event an insurer is unable to pay a claim. But there are limits to this type of protection. The limits here are generally $300,000 up to $500,000 and any policy that goes over this amount are not covered.
Some typical questions to ask your agent are: How do cash values accumulate? In the past year, how has the policy
s cash value performed? Does this policy have any special features? and do add value or are they just bells and whistles? What is the rating of the company with Standard & Poor’s, Best and Moody’s?  These ratings can be found online and in public libraries. If the company is financially stable, they will be listed in the top three.

If you have decided to protect your family by buying life insurance, your next step is to find out how much you can afford. The idea here is for your beneficiaries to maintain their standard of living and not have to dig into the principal. Some people think that five to seven times your current salary is fine and others will do some math to find out what the right amount is.
In general, you need to find out what your household expenses are, your assets, income from all sources and then the amount of debt your have. An accountant can help you with these figures and so can an investment counselor or a broker for life insurance. Try to find that person who will have your interest in mind and not want to sell you more than you actually need. The amount you need is more important that they type you need, so do your homework and take time to research a little.
You can sit down with your numbers and do some calculations yourself before seeking a professional. It will take some time and effort on your part but it will be worth it in the end. You will begin with some good numbers and then not be taken to the cleaners so to speak by an agent who is just wanting to sell you as much as he can. If you have had a health condition or illness, it is a good idea to speak with a professional who knows how to deal with these things.

You have gathered your personal information and are sitting down to do some calculations. Your annual income is the amount your survivors will need to maintain their standard of living. This total should cover: mortgage or rent, repairs for home maintenance, household items, insurance and taxes and any home improvements that might be needed. Auto insurance, as well as health insurance, clothing, food, utilities, auto maintenance, child care, entertainment and recreation and any other expense that is not listed here.
If you were to die, your dependents would have your spouses salary, investment income, social security benefits but insurance proceeds should not be included here.  If you then deduct the first list from the second, that number will be the amount they will need to have a comfortable life without you.
Now you know how much your survivors will need, now you need to know how much you can afford. Take time to ask your insurer how they calculated their rates so you can get the best coverage for your needs. Rates will for sure vary from insurer to insurer, to shop around, take time to understand all the terms that are used in the descriptions of insurance. Your broker should be able to answer all your questions.

Standard, substandard, preferred and uninsurable, are the four groups that insurance companies use to divide us up. If you are preferred, you are seen as a low risk.  You do not work in a high risk job, you are not sick, are in good health and so you pay lower premiums. If you are in the standard group you are knows as an average risk. You have no illness that is terminal but have had a few health issues. Your have no hobby that is seen as high risk and so you pay the average cost for similarly situated insureds.
The substandard category is for those who have a high risk job, like a pilot or diver or even a scaffold worker. You already have a chronic illness as in diabetes, high blood pressure or heat disease. These people will have a higher premium. The uninsurable people have a terminal illness so you are definitely a high risk and you will probably not find anyone to insure you.
Companies seen everyone differently so shop around and ask questions. One may label you substandard and another may not. A professional who understand insurance can shop around for you but see a broker first.  Once you have been put in the substandard category, you must disclose to subsequent companies when you apply for their coverage.

Is there any actions can you take to increase the length of your life expectancy? Actuaries and statisticians have been tracking average life expectancy for decades and it is still impossible to know how long a person  will live.  Life expectancy and those factors that can decrease or increase it remain unknown.
Unfortunately, the most important things that influence our life span are out of our control. Predicting longevity is our genetic make-up and out sex. But there are various other factors that we can effect.
What we eat and if we smoke and how much exercise we get are all things we can do something about. Certain sports like scuba diving and mountain climbing, piloting aircraft and how we drive out cars can be adjusted. Our choice to use drugs and alcohol are also factors that are within out control.

There is a Life Expectancy Calculator that used date to predict the life span of numerous individuals according to their risk profiles. Some factors are fixed, like your race and year of birth, other factors that can be changed are those like health habits.