- Seven agent questions about life insurance
- June 10, 2015
By Karla Sullivan
Should I take a long premium guaranteed period?
Take the longest premium guarantee period your budget will allow. This will help avoid concerns and problems if you do get sick down the road. You can also use a life insurance policy to repay a loan or pay for a child’s education.
What is renewable term insurance?
Many term life insurance policies are described as being “renewable”. This feature allows the policy to be renewed for another term period without having to show that the insured is in good health. As long as you pay the premium due, the policy will automatically renew for another term period. However, your premiums will most likely be higher.
Can what you tell your doctor impact your life insurance acceptance?
Absolutely. It is important that medical chitchat is not recorded or documented. For example, you may be asking questions about a potential illness that you do not have so it is important to be accurate when speaking to an agent about any problems you may have and your doctor’s prognosis.
Why do insurance companies check your medical and driving records? If I have the money to pay for the policy, what difference does the background make?
Because regardless of your financial status, premiums, coverage limits and acceptance guidelines are decided based on your risk to the insurance company.
Can an insurer cancel term life insurance?
A term life policy will stay in force as long as you continue to pay the premiums due. If you miss a premium due date you will have a 31 day grace period to pay the premium due. Your policy will remain in force during the grace period.
What does premium mode mean?
You can choose the type of payment, which can include annual, semi-annual, quarterly, or monthly payments.
What are some types of riders?
· Accidental benefit rider – pays your beneficiaries if death is caused by an accident
· Children’s term life insurance rider – pays if a child covered under your life insurance policy dies
· Waiver of premium rider – pays your policy premium if you become permanently and totally disabled
· Living benefits rider – pays a portion of your death benefit payment in advance if you are diagnosed with a terminal illness or if you require long-term care or nursing-home services
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