5 Questions To Ask When Buying Life Insurance

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Purchasing a life insurance policy is a very good experience and the most important decision. It can also prompt different types of questions right from deciding the amount of coverage and many more. There are a lot of aspects included when buying life insurance from life insurance companies. 

Below listed are some of the most important questions you must take into consideration when buying life insurance.

Question [1] : How much life insurance do I need ? 

The amount of life insurance will depend on numerous factors. You should also consider the future needs of your family such as retirement funds, education costs, child care expenses, and many more. Other than these you will need to decide the length and the type of the policy. 

Question [2] : Which type of policy should I purchase ?

There are two types of policy available for you one is whole life insurance and term life insurance. With the term life insurance you can choose the amount of time and coverage of return payments and with whole life insurance you get the lifelong protection as long as you pay the premiums. 

Question [3] : What exactly is medical history?

You are completely fit and fine. But you will still require your health record for some initial assessments. It is important to get  your health history in place because when you go to purchase life insurance the insurance agent will ask about your health history. 

Question [4] What will happen if I miss a payment ? 

As per the Life Insurance Companies, your life insurance coverage may lapse if you miss a premium payment on the term life policy. However, there are a few options available if you are not able to pay the premium on the whole life insurance policy. 

Question [5] How can I get the best price ?

For the price selection you can compare life insurance quotes with different quotes.The price will vary and that can be compared on company websites. There are many companies who offer flexible payment options to their customers such as monthly, quarterly ,semi-quarterly or yearly premiums. This makes term life insurance the most chosen insurance plan.