As someone who is looking to purchase life insurance, it is essential you ask questions from your life insurance agents and get clarified about issues you do not understand. Doing so would help ensure that you avoid walking into a ditch with your legs.
That said, we’ve come up with five critical questions you must ask your insurance agents before you purchase that policy.
Are you licensed to operate as an insurance agent?
Never be shy to ask your insurance agent whether he or she is licensed to operate as an insurance agent. In fact, ask your insurance agent to proof this to you. That way, you will rest assured that you are not wasting your time and effort.
Which insurance company can provide me with coverage?
This is another important question you need to ask your insurance agent. Several life insurance companies abound in the U.S and most of them have different quotes with several hidden charges. To avoid any regret, feel free to ask your insurance agent this question.
What benefits does my policy cover?
While some policies cover only death benefit, other policies come along with a cash value component and other benefits. Besides, each insurance policy has its pros and cons which you need to be aware of. Therefore, you need to also find out this vital piece of information from your agent.
What exclusions are present in my policy?
When you purchase an insurance policy, specific exclusions are included. These exclusions relate to occasions where the insurance company will not have to payout your death benefits at your demise. Before purchasing any policy, it is essential you ask your insurance agent about these exclusions.
Are there living benefits within my policy?
Living benefits are those monies payable to policyholders while they are alive. You need to find out from your insurance agent if your policy includes that, and how you can enjoy this death benefit.