When it comes to protecting your family’s future, life insurance is a must. Life insurance guarantees that your family will be financially stable if something were to happen to you. If you have recently decided to purchase life insurance, you probably have plenty of questions. With all the advertisements and different policy types, the confusion is understandable. To help you discern which company and policy fits your needs the best, start by asking your agent these 3 simple questions.
1. Which Policy Would Fit My Needs the Best?
There are several types of policies out there. Most companies offer term, whole or universal life insurance. A good life insurance agent will sit down with you and discuss your goals. Consider what you are trying to achieve with your policy and the type of security you want to provide your family. Let the agent know what your expectations are and they will be able to suggest the types of policies that fit your current needs.
2. Does the Policy Have Any Exclusions?
More often than not, life insurance policies contain certain exclusions that could prevent you or your family from collecting on a policy. No policy is the same and it’s important to ask your agent what exclusions, if any, are stipulated in the policy. Deaths resulting in dangerous activities such as sky diving and rock climbing are generally excluded. If you do partake in activities that are deemed dangerous, it is important to check that the Life Insurance Company will cover your death in the event of an accident. If the insurance policy does not cover it, ask to see if they can offer coverage for an additional premium.
3. Do I Need a Medical Exam?
Many insurance companies are now offering policies that do not require a medical exam. These policies are usually term policies, meaning coverage is only for a certain period of time. Medical exams are more common amongst whole life insurance policies, however, not all companies will require it. Some are opting to have applicants fill out a questionnaire. Depending on the results of the questionnaire, your age and policy amount, the insurance company may ask that you complete a medical exam before issuing the policy.
If you are in the market for life insurance, visit website. Schlather Insurance is a Life Insurance Company that will take the time to sit down and discuss your expectations and needs.
