Hands-on time: 30 min, plus a physical

Total time: A few weeks

There are many different life insurance products on the market. But experts agree that if you're just trying to provide enough coverage for your loved ones in the event that you get hit by a truck, term life insurance — a policy that covers you for a specific amount of time, say, 20 years - is the best choice. (Curious about other kinds of policies? Click here.) Here's how to get it.

This is for you: If there's someone who'd be in dire financial straits if anything happened to you. Married? Own a home with someone? Got kids? We mean you.

How long it will take: Less than five minutes to get a free quote, a few more minutes to complete an application (or go through it with an agent over the phone), and a few weeks to schedule your physical and process the paperwork. (Most insurers require a medical exam to determine your health situation.) It may take slightly longer if you skydive, scuba dive, or engage in other risky business, since you may have to complete more forms.

Cost: A 20-year term policy worth $500,000 costs as little as $19 to $23 a month for a 30-year-old non-smoker in good health. (Bad news for smokers: Your premiums are more than three times as much.)

How much should you get? Anywhere from 5 to 10 times your annual salary, experts say. If you have young children or serious debt, aim toward the higher end of that range. A 20-year policy usually makes the most sense.

What you'll need:

• Your name, date of birth, height, weight, and health history


• The health history of your immediate family members (parents and siblings)


• Your felony record (ever been convicted of one?)


• Your bankruptcy record (ever filed?)


• Information on any hazardous activities you pursue (scuba diving, skydiving, private piloting, etc.) Be honest-if you lie about it and then die doing it, the company could reduce the payout or refuse to pay at all.


• The amount of life insurance you want ($100,000, $500,000, $1 million, etc.)


• The term of the life insurance you want (10, 15, 20 years)

What to do:

1. Visit a site like Insure.com or Accuquote.com and enter your personal information to get free price quotes. (Insure.com will submit your info and have an agent call you. Accuquote will give you quotes online, but an agent will probably call you to follow up.)

2. If you like one of the quotes you receive, you can complete the formal application for life insurance with that company.

3. Once you've submitted your application, the company will have someone call you (usually an independent contractor) to schedule a medical exam. The examisn't optional. (Although it might not be necessary if you're applying for a small amount of coverage - $50,000, say.)

4. Read these tipson how to prepare for your medical exam. (Hint: Don't drink tequila the night before.)

5. Generally, a medical examiner will come to your home or office, ask a series of health questions, and take some basic measurements (weight, blood pressure, heart rate). He'll also take a blood, urine, and possibly a saliva sample. If you can't find a good time to meet with the examiner, you may be able to go to an insurer-approved clinic for the workup. (Insurance carriers' examinter will test for several things that your personal doctor probably didn't test for, like nicotine or HIV.)

6. If you're over 50 and applying for a large amount of coverage ($1 million or more), you may have to submit to additional tests, such as an EKG (to monitor your heart), a treadmill test, or an exam by an actual M.D.

7. You can request that a copy of thehealth testresults be sent to you, for your records. Just ask your examiner what you need to do to make that happen.

8. If you're approved, the insurance company will then set the official price of your policy. So long as your test results mesh with the information you gave the company originally, the price should be the same as your original quote. (If you're a smoker, don't lie about it. They'll find out.)

9. If something pops up in your tests, like high blood pressure or cholesteraol, the company could decline to cover you or raise the rate it offers you. If you think someone made a mistake, talk to your agent about what you should do. If the results were accurate and you can't afford the new quoted rate, you may have to start over with your "new" health history.

10. If the test goes well and you can afford the premiums, you'll make your first (monthly or annual) payment, and your policy will go into effect.

11. Congratulations, you're insured!

To learn more:
Everything You'll Ever Need to Know About Life Insurance (LearnVest)
The Straight Story on Life Insurance (Or go straight to the Life Insurance Calculator) (MetLife)
Money 101: Life Insurance (CNNMoney.com)

Who helped: Byron Udell, founder and CEO of Accuquote.com


Did you do it? Tell us what worked or share other tips in the comments below.



Related Links:

If you're young, do you need life insurance?

No long-term care insurance? Uh-oh

How to open a health savings account