Follow these six steps to buy life insurance:

1. Learn about your options. Decide which insurance best fits your needs. If you are not sure, you may want to talk to an insurance agent, insurance broker, salesperson, or an adviser. Be sure to ask if they are licensed to sell insurance in your province.

2. Decide how much insurance you want to buy. Don?t buy more than you need. Again, you may want to talk to an adviser.

Tip: Check first to see what coverage you have through work or any association or group to which you belong. If you need more insurance, you may be able to get it through the same plan. It will likely cost less than if you buy on your own.

3. Get quotes (or have an adviser get them for you). Check the quotes you get carefully. Sometimes the prices you see are just examples, so ask for your actual numbers. Also ask if you are getting the best rate the insurer offers. You may not get the best rate if you have a health problem.

4. When you are ready to buy, complete the application form. Read it over with care before you sign it. Make sure you answer any health questions honestly. Your claims may not be honoured if there is false information on your application.

5. When you get your policy, go over it in detail with your agent or broker. Make sure it is complete and correct. Ask questions about anything you don't understand. Make sure you get the answers immediately because, in some cases, you have only 10 days to review the contract before it is final. Learn more now.

6. Decide whether or not to accept the policy.

• If you accept the policy, sign it, and follow the instructions for returning it along with your first premium cheque. Keep your copy of the policy in a safe place. Be sure to tell someone you trust where to find it.
• If you don't accept the policy, return it without signing it. Keep written proof that you returned it in the form of a registered mail receipt, or a courier receipt.

Tip: If you are buying a new policy to replace one that you have, do not cancel the old policy until you have your new one in place.

Remember: Life insurance is for the long term

Take time to learn about your choices and decide what you want.

Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.