When buying life insurance, it's important to ask the right questions to ensure you choose the right policy for your needs. Here's a list of questions you can ask an insurance agent. Asking these questions will help you get a clear understanding of the policy and ensure it meets your needs.
What types of life insurance policies do you offer?
Term life, whole life, universal life, etc.
What is the difference between term life and permanent life insurance?
Which is better for my situation?
How much coverage do I need?
Can you help me calculate the right amount of coverage for my family?
What factors affect my premium rate?
Age, health, lifestyle, occupation, etc.
Are there any riders available to customize my policy?
For example, critical illness, accidental death, or waiver of premium riders.
How does the underwriting process work?
Will I need a medical exam or any other assessments?
What is the policy's cash value (if applicable) and how does it grow?
For permanent life insurance policies, like whole or universal life.
Can I adjust my coverage or premiums later on?
Is it possible to increase or decrease coverage as my life changes?
What happens if I miss a premium payment?
Are there grace periods, and what happens if I can't pay?
What are the policy's exclusions?
Are there situations where the policy will not pay out?
How do I file a claim, and how long does the process take?
Will the policy premiums increase over time?
For term policies, are the premiums fixed, or do they go up after a certain period?
What are the policy's surrender charges (if applicable)?
If I decide to cancel the policy early, what penalties or fees might I face?
What is the insurance company’s financial strength and reputation?
Are they highly rated by independent rating agencies like A.M. Best, Moody’s, etc.?
Is there a waiting period before my beneficiaries can claim the benefit?
Or is there an immediate payout?
Can I access the death benefit while I’m still alive (for example, in case of terminal illness)?
Are there any discounts or special offers available?
What happens if I want to convert my term life insurance to permanent life insurance?
Can I name multiple beneficiaries, and how are the benefits divided?
How can I make changes to my beneficiaries or policy details in the future?