Life Insurance

Tips on what to ask your broker when taking up a life insurance policy

Life insurance is not a very pleasant topic to think about because it deals with the concept of your life being place in a critical situation, whereby your family is affected and as a result of this situation you should consider taking out such a policy. However, considering it is every important, particularly if you are a sole breadwinner for your family or you run a business with someone as your partner or if you have considerable real estate.

When you talk to your life insurance agent about taking up a life insurance policy, you need to ask him or her all relevant questions on the policy. Here are some tips on what you can ask your agent:

• Ask them about the types of policies available. Get a good explanation of the types and consider which one will best suit you.


• Find out if the insurance agent you are considering is licensed by your state’s insurance department.


• Check out the premium amount, which you have to pay regularly. Does it fit into your budget? Find out which policy will suit your financial requirement, instead of just accepting what the agent suggests is best right at the outset.


• You can question them about setting up an income for your beneficiary. The insurance company will have the principle amount from which they may make a payment to the beneficiary. So find out if this is an option for you.


• Funeral expenses are very high and you can ask the agent if the policy will pay out for this separately or if it will be taken from the lump sum payment that is provided in the event of death.

You can ask them about life insurance for your spouse. In case you run a business with a partner you can ask them about life insurance on yourself and your partner.

• Ask them about the claims process and what a beneficiary has to do to avail compensation.

Life insurance is an important consideration and taking it can help out at a time when your family members require help the most. However, before signing up for a policy asking questions about it and finding out benefits and features specific to a policy type will help you to make a better informed decision on the kind of policy you can take up.

Life Insurance Learning centre

• Life Insurance


• About Life Insurance


• Why do you need to take life insurance?


• Tips on what to ask your broker when taking up a life insurance policy



• Donating your life insurance for cash


• Factors to consider before taking up Life Insurance


• How do you choose a life insurance company?



• About Group Life Insurance


• Cash Value Insurance


• Accidental Death Insurance



• About Term Life Insurance


• Whole Life Insurance


• Universal Life Insurance


• Variable Universal Life Insurance


• Joint Life Insurance


• About Endowment Life Insurance


• Types of permanent life insurance


• Types of Term Life Insurance


• Types of whole life insurance