3 Essential Questions to Ask When Buying Life Insurance!

If you consider purchasing no medical exam life insurance, make sure you know as much as possible about the product you buy. Life insurance is an important investment and your loved ones may depend on it.

life insurance2When you discuss with an insurance agent, make sure you ask 3 essential questions:

  1. Ask about way in which you can enhance your policy/ what riders are available

Many insurance agents may avoid mentioning available riders in order to convince you to purchase more coverage. Keep in mind that by buying several riders, you can considerably improve the value and utility of your plan, without having to spend too much.

You should ask the agent for details about every rider. Take the time to calculate or ask him/her to do several calculations if necessary. Make sure the rider you buy is indeed profitable and cost-wise.

  1. Ask about renewal options if your health changes

When purchasing coverage, your medical condition will play an important part in determining the costs. An agency can find how healthy you are by requiring you to take medical examinations. Some plans, like no medical exam life insurance, will underwrite you based on a questionnaire.

If you have pre-existing medical conditions during the initial underwriting, you can improve your rates later on, if your health stabilizes. It is important to ask your agent about this possible scenario and about renewal options.

  1. Ask about inflation

A term life insurance policy with a value of $300,000 and an availability period of 30 years will be worth a lot less after 10 or 20 years. Its value may decrease to almost half of what is currently worth. Some plans are willing to adjust the death benefit to inflation for long-term policies.

Think of the future: this is what life insurance is all about. Make sure you ask your agent about inflation and the death benefit.

These are 3 essential questions you need to ask. Of course, it is strongly recommended to discuss other aspects. If you have an issue or if you do not understand your policy’s terms, do not hesitate to ask your agent or visit our website!