If you're in the market for a term life insurance policy, there are several things to learn about and consider before making your purchase.

Here's a checklist to buying term life insurance coverage:

  • Determine how long you need life insurance protection - 5, 10, 15, 20 or 30 years.
  • Decide on how much life insurance coverage you will need.
  • Figure out your life insurance budget.
  • Comparison shop to find the most affordable plan.
  • Review the financial strength ratings of the top insurer you consider for coverage
  • Do you need convertible coverage which allows you to convert your term policy into permanent coverage?
  • Do you need renewable term coverage allowing you to renew your policy for another term without having to take a health exam to prove insurability?
  • Do you need a rider adding coverage for your spouse (and children)?

Here's a complete checklist for buying term life insurance policies.