We all have questions to ask when purchasing a life insurance policy, but most of us don’t even know what to ask. Here we have created a list of the most frequently asked questions when buying a life insurance policy to help you start a conversation with an agent.
What type of life insurance policy should I get?
Before buying a life insurance policy, it’s essential to know the basic types of coverage available. Different types of life insurance policies offer different protection. Ensure that you know what your policy covers and what it doesn’t cover before you sign on the dotted line.
What is the cost of a life insurance policy?
Many factors such as the type of policy you choose, gender, age, lifestyle, and medical history will determine the cost of your policy. Contact your insurer to give you an educated guess of how much your life insurance coverage could cost.
Will my premium increase?
Life insurance policies offer coverage for a set period with level terms. You’ve assured a stable premium rate during this time. Life insurance policies provide you with a fixed premium as long as you make your premium payments.
How does insurance company pay death benefits?
When getting a life insurance policy, choose a death benefit that favors your loved one’s. Your beneficiary will get the full benefit at once with a lump sum payout or receive the benefit in installments until everything is paid.
What happens if I don’t pass away during my life insurance policy term?
Your heir won’t get a death benefit if you don’t die during the term of your plan. However, you can renew your policy, as it gets closer to expiration. You can hire a financial professional to review your policy regularly and make sure it continues to meet your needs.
Still have more questions? Contact a life insurance provider.
