While you may be looking to buy life insurance policy, there would be a host of questions that you would want to be answered. Answers to these questions would help you gather more information, which in turn would enable you to take the right decision.
A few questions that you should certainly look forward to get answered include:
1) How Much Life Insurance Cover Should I be Buying?
The foremost question that would occur is how much life insurance cover I should buy. An agent could guide you on this aspect and hence once there is a consensus here, you can move forward to the subsequent questions.
2) What are the Different Types of Life Insurance Policies?
Ask your Insurance Agent
to explain to you the types of life insurance policies that are available. This will help you decide whether you would like to go for a Term
plan or endowment Policy
or money back life insurance policy or ULIP. 3) Which are the Different Life Insurance Policies Available on the Market that Would Give me the Desired Coverage
Ask the insurance agent to provide you with a competitive picture so that you know what he is offering you vis-à-vis the other players on the market.4) How are These Life Insurance Policies Differentiated?
Life insurance companies try to differentiate from each other by offering certain features that may not be included in other policies. This would help you understand the benefits that you would love to have versus those which you may not want.5) What are the Benefits in form of Sum Assured or Fund Value?
The most important question to understand are the potential benefits of the policy in terms of what it offers as Sum Assured
or cash or fund value. 6) The Frequency and Duration of Premium Payment?
While looking at the cost, asks your agent, what are the annual premiums that you would have to shell out? Ask the agent if these annual premiums are one time or for how long these have to be paid. 7) Is There any Medical Examination Required?
Many policies require you to take a medical examination before they issue you a life insurance policy. Find out from the agent, if the one you have opted for would need a medical examination.8) What are the Exclusions in My Policy?
Don’t forget to know about the exclusions, in order to avoid a disappointment later. 9) Ask for Signed Illustrations of the Proposed Benefits and Costs?
You should ask your insurance agent to provide an illustration of the proposed costs and benefits of the policies that he would like you to buy. Ask him to sign the illustration, so that he does it responsibly.10) How Long Does My Policy Last?
If it is a term life insurance policy
that you are looking to buy, ask the agent, the duration for which the policy would provide life insurance coverage. The usual period is 10 to 30 years.