The truth about life insurance is that there are a great number of people who don’t know a lot about it. It’s not really that people don’t want to get life insurance for themselves. It is just that some people are too embarrassed to ask certain questions thinking that these things are something everyone should know about already.
If there are things you don’t quite understand about life insurance, it is important to ask. After all, it can be quite difficult to get into something you don’t quite understand. So in this article, we are going to answer the five most common questions people usually have about life insurance.
1. Isn’t My Life Insurance Covered By My Employer Already?
That can happen. There are lots of companies that include life insurance in the benefits that they give to their employees. Even so, the coverage would still be inadequate.
Isn’t it possible to work in a company that offers the best life insurance? Of course, it is but the moment you stop working for that company, your life insurance coverage stop as well.
It’s not that you need to turn down your company if they offer you life insurance. However, we do recommend that you get your own life insurance apart from what your company is providing you. Just think of your company’s house and life insurance as a supplement to the one that you already have.
2. Do I Have To Take A Medical Exam To Qualify For A Life Insurance?
Yes, you do.
Ever since life insurances became a thing, it has always been one of the requirements for the applicant to undergo a medical exam.
You can still find life insurances with no medical exams but the coverage is considered to fairly low.
3. Why Do I Need To Undergo A Medical Exam
We bet you are wondering why most life insurance companies prefer that their clients pass a medical exam. The reason is that they are trying to determine how risky you are to insure. If you have certain illnesses that could lead to sudden death, you will most likely not be qualified to get life insurance.
4. What An Underwriter?
The moment you try visiting a life insurance company, you would probably hear the word “underwriter” being juggled around a couple of time.
An underwriter refers to someone doing the underwriting for life insurance. This is a person who works for an insurance carrier whose task is to do enough research to figure out just how risky you are to ensure.
The underwriter will be looking at your medical exam results and other records to try and find out more about you.
5. Is It Better To Get A Permanent Or Term Life Insurance?
Unless you are a billionaire of some sort, we would mostly recommend that you go for term life insurance.
Term life insurance covers your family based on the number of years you have worked for the industry. Permanent life insurance, on the other hand, is much more expensive and covers a lot more insurance options that you don’t even need.
When deciding to get life insurance, it is important to answer all the questions you have inside your head. Don’t be shy to ask certain questions to your agent. Take note that your agent wants to help just as much as you want to be helped. The two of you can work hand in hand so that the goals of each of you as an agent and client can be achieved.