life insurance question answerThe process of getting life insurance can be complicated. With all the elements that term life insurance policies include, there are plenty of questions that should be considered. All to ensure that you get the best possible life insurance policy to suit your needs.

There are many ways that you can use your life insurance premium, including:

  • Funeral costs
  • Medical expenses
  • Loss of income
  • Childs education or day care costs
  • Business expenses
  • Mortgages

10 Term Life Insurance Questions are Answered Here:

1. Why should I use a broker? Can’t I find a policy myself?

Many people are choosing the option of using a broker to find the best policy for them. The broker can do the shopping for you. Using their professional knowledge on the subject of life insurance to get you the best deal at the lowest possible premium. A life insurance broker will assess what type of cover that you need, and then find you the best available deal.

2. Will it cost more to by using a life insurance broker?

Using a broker will not cost you. They are actually paid by the life insurance company themselves. The rates that the life insurance company charges are set and fully regulated, so that you can be sure of a good quote for your policy needs.

3. How do I make my life insurance payments?

When you accept the life insurance quote that you have been given, you are able to decide how to pay your premiums. It can be done monthly, quarterly, semi-annually, or annually. You can make your life insurance payments by personal check, bank draft, money order, or with your credit card.

4. Do I have to pay for the paramedical exam?

The life insurance company that you have chosen to take out your policy with pays for the paramedical exam for you. The medical practitioners that they have are mobile. So they can come to your home or workplace if you should desire. Alternatively, you can attend one of the many clinics that they attend. With a flexible schedule you can book your appointment for early morning, late evening, and even over the weekend.

5. Do I have to have a medical to get life insurance?

Depending on your age, and the level of cover that you require, you are able to get life insurance cover without having to go through a medical. When applying, you just need to specify that you require a quote for a non-medical life insurance policy.

6. I have medical problems, can I still get life insurance?

A broker will be knowledgeable about which life insurance companies are more lenient about certain medical conditions. They will assess your medical history to make the relevant recommendations to find you the appropriate policy that you need.

7. Why is ROP life insurance more expensive?

Return of Premium life insurance is more expensive as you receive more benefits from the policy. After the term of the policy, you will receive 100% of the premiums that you have paid returned back to you. This is on the basis that you have paid all the premiums, and a claim has not been made.

8. Is there an age limit for getting life insurance?

There are certain life insurance companies that will arrange cover for people up to the age of 85.
9. How much life insurance cover to I need?

This all depends on the type of policy that you require. Your broker and accounting professionals can help you reach the appropriate decision to suit your specific needs.

10. How long does it take to get approval?

Approval of your life insurance application will vary depending on the type of policy that you have chosen. A non-medical application can be approved in 3-5 days. However, a regular policy may take 4-6 weeks before it is approved.

Always do your research when choosing which life insurance company to choose. Ensuring that you get the lowest life insurance premium available on the current market that suits your personal needs.