Branch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance Carriers
Questions to ask is if I die what will my family need to continue without me being able to provide an income. You have to consider the long term impact of a sudden loss of income in the family and how the family will continue on without you. Talk to a life agent to help you calculate your need.
In addition to getting any advice you need about the amount and type of coverage, you should ask the following about most types of policies:
1) Does the policy cover *death by any reason? (in other words, don't be fooled into buying Accidental Death insurance when you think you are buying Life insurance)
2) Does the death benefit pay 100% from day one for *death by any reason? (vs a graded benefit, that pays a reduced benefit in the first years)
3) Is the premium guaranteed not to go up for x number of years?
4) What is the life insurance company rated?
These questions should help you get a secure policy that will pay out for the intention it was purchased.
Insurance Advisor, Lordship Insurance Services, California
There are definitely some questions you need to ask whenever you are shopping for life insurance. The answers to these questions should help you to consider which direction to take in your purchase;
1) Begin with telling the agent exactly what you need the life insurance to do. This way you can let them know that you know what you are looking for and need guidance on the vehicle best suited to get you to your destination.
2) Does this policy accumulate cash vale? You may or may not have a need for cash value but you certainly want to know if it is building cash value up.
3) How long can the insurance company contest this policy? There is a period of time with insurance policies where they can be contested for accuracy in the information given at time of application.
4) Does this policy carry any loan provisions? Can you borrow against it?
5) Can I add riders to it for my family members instead of getting them separate policies?
6) What is your company's claim paying status? Does this company pay its claims in a timely fashion?
7) Who will be my agent? Many agents only sell a policy and then disappear within a few months. If you have a problem with your policy there is no agent to help you and you are forced to deal strictly with customer service. If possible, always insist on having an agent.
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1) Does the policy cover *death by any reason? (in other words, don't be fooled into buying Accidental Death insurance when you think you are buying Life insurance)
2) Does the death benefit pay 100% from day one for *death by any reason? (vs a graded benefit, that pays a reduced benefit in the first years)
3) Is the premium guaranteed not to go up for x number of years?
4) What is the life insurance company rated?
These questions should help you get a secure policy that will pay out for the intention it was purchased.
*Excludes suicide in fist two years
1) Begin with telling the agent exactly what you need the life insurance to do. This way you can let them know that you know what you are looking for and need guidance on the vehicle best suited to get you to your destination.
2) Does this policy accumulate cash vale? You may or may not have a need for cash value but you certainly want to know if it is building cash value up.
3) How long can the insurance company contest this policy? There is a period of time with insurance policies where they can be contested for accuracy in the information given at time of application.
4) Does this policy carry any loan provisions? Can you borrow against it?
5) Can I add riders to it for my family members instead of getting them separate policies?
6) What is your company's claim paying status? Does this company pay its claims in a timely fashion?
7) Who will be my agent? Many agents only sell a policy and then disappear within a few months. If you have a problem with your policy there is no agent to help you and you are forced to deal strictly with customer service. If possible, always insist on having an agent.