When buying life insurance it is a good idea to ask the following:
1) What guarantees does the policy offer?
a. Is the premium guaranteed not to go up, and if so, for how long?
b. Is the face amount guaranteed not to go down?
c. Is the interest rate guaranteed?
2) Are there any exclusions or caveats?
3) Ask questions about the type of policy you are getting if you are not acquainted with it.
4) Ask the rating of the company.
5) Ask what options are included and what can be added on as riders.
a. If Term, is the policy convertible?
b. Can the policy be extended?
c. Can I borrow from it?
6) If permanent insurance, inquire about charges.
7) Ask if that agent will be around to assist you with customer service in the future.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Rather than questions I would suggest that you observe the following about the agent. Does this agent listen? Does this agent offer sound financial advice? Does this agent communicate clearly with you and the insurance company? In the end the most important thing you will do is select the limit of coverage. Other aspects of the transaction are really incidental. Will this agent set up a plan to ease the transition for those you love in the event of your premature death? Little else really matters.
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1) What guarantees does the policy offer?
a. Is the premium guaranteed not to go up, and if so, for how long?
b. Is the face amount guaranteed not to go down?
c. Is the interest rate guaranteed?
2) Are there any exclusions or caveats?
3) Ask questions about the type of policy you are getting if you are not acquainted with it.
4) Ask the rating of the company.
5) Ask what options are included and what can be added on as riders.
a. If Term, is the policy convertible?
b. Can the policy be extended?
c. Can I borrow from it?
6) If permanent insurance, inquire about charges.
7) Ask if that agent will be around to assist you with customer service in the future.