Getting a life insurance policy can be one of the smartest decisions you can ever make. To help you make informed decisions, we’ve decided to answer the most frequently asked questions about a life insurance policy.
Can I have more than one life insurance policy?
You can have multiple life insurance policies. But this will cost you more than getting just a single life insurance policy.
Can I have more than one beneficiary?
Yes, you can have multiple beneficiaries.
Can I change my beneficiary anytime I want?
Yes, you can do that.
How much life insurance should I buy?
This depends on the type of coverage you need. If you want coverage for a short period, you can buy term life insurance. On the other hand, if you want coverage throughout your life, you will be better off buying permanent life insurance.
What is a life insurance premium?
A life insurance premium is the amount of money you are expected to pay to your insurer monthly, yearly, or within an agreed period. In terms of the amount you will pay, some life insurance premiums are fixed while others are not.
Do I need to undergo any medical examination qualify for a life insurance policy?
Most times, insurance companies will ask you to do some health tests before your application can be approved. These health tests encompass your blood group, blood pressure, weight, and height.
Can I get back my money if I am no longer interested in the life insurance policy?
Yes, you can. But you need to pay a surrender charge, which usually costs about 10% of the amount you’ve invested in the policy.