Four Must-Ask Questions for Your Life Insurance Agent

When shopping for life insurance, asking your life insurance agent about what you can and should expect from the life insurance policy you apply for will only ensure that you’re satisfied with the policy you purchase. While there are countless questions that you can ask the person selling you your policy, the following is a short-list of some of the questions you don’t want to forget to ask. After all, the more you know and the better you understand how your policy will work, the more satisfied you will be with your life insurance coverage experience.

If my health changes in the future, where will I be with my policy?

Most people know that when they apply for a life insurance policy they will almost definitely have to submit to a health exam. The thing about health exams is that your health condition at the time of your application will determine the amount of money you will have to pay for coverage. So, then, if you recently had a heart attack or you were a smoker when you applied, you can expect to pay more for your premiums than someone who is in better health or who is a non-smoker. But what if your heart condition improves over time or you quit smoking? You will want to ask your agent how and if you can improve upon your health rating over time.

Is there any coverage if I become disabled?

Although you’re purchasing life insurance policy, some policies do include some coverage in the form of disability benefits, even if you choose not to add such benefits on as a rider. Every company will have a different definition of what a disability is, but some will waive your premiums if you do in fact become disabled. Ask your life insurance agent if the policy you’re applying for includes such benefits and under what circumstances you will be eligible to receive those benefits.

Does the policy’s death benefit adjust for inflation?

Without adjustments for inflation, the policy you buy with $250,000 worth of coverage today will be worth very little 60 years from now. Because this is the case, you will want to make sure you ask how the policy’s death benefit will be adjusted for inflation. Will it be adjusted automatically or do you have to pay extra to have the death benefit adjusted?

What are the consequences of being unable to pay the premiums?

People can and do run into financial troubles that can prevent them from making their premium payments. You need to ask your insurance agent what will happen if you are ever put in a position where you’re unable to pay. Does this policy have a 60-90 day grace period, or does this permanent life insurance policy have other options, such as taking out a loan against the policy?Equip yourself with these and other questions before meeting with your insurance agent to ensure you’re in a position to find and buy the life insurance policy that will best satisfy your needs for coverage.

--------------------------------------------------------------------------------------------

If you liked this article, get email updates (they're FREE)

Enter your email address:

Delivered by FeedBurner

--------------------------------------------------------------------------------------------
About FPT Guy