Indiana Life Insurance
Buying Checklist

Calculate your total coverage need using the DIME method

Add up: Debt (mortgage + loans + credit cards + final expenses) + Income replacement (annual income × years needed) + Mortgage (if not in Debt) + Education (college costs per child).

List all existing life insurance coverage

Include employer group life insurance (check your benefits portal), any individual policies you own, and any policies your spouse owns on you.

Identify your coverage gap

Subtract your existing coverage and liquid savings from your total coverage need. This gap is the amount of new insurance you need to buy.

Determine how long you need coverage

Consider: years until your youngest child is financially independent (typically age 22), years until your mortgage is paid off, and years until retirement. Your term length should cover the longest of these.

Decide if you need permanent coverage in addition to term

Permanent coverage (whole life or IUL) makes sense for: final expense coverage, estate planning, business succession, or supplemental retirement savings. Most families start with term only.

Collect your personal identification

You'll need: full legal name, date of birth, Social Security number, driver's license number, and current address. Indiana carriers verify identity before issuing a policy.

List all prescription medications (past 5–10 years)

Underwriters check the MIB (Medical Information Bureau) and prescription drug databases. Be thorough — omissions can be flagged as misrepresentation.

Document all medical conditions and diagnoses

Include: diabetes, heart disease, cancer history, mental health diagnoses, sleep apnea, high blood pressure, high cholesterol, and any surgeries or hospitalizations in the past 10 years.