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7 Important Questions to Ask Your Life Insurance Advisor

Last modified: 29 Jul 2013

How Much Insurance Cover Should I Purchase and Why?

Since a person’s insurance needs are based on his current financial standing and his future needs, buyers must make it a point to ask their insurance advisor how much cover to purchase and why? It is important for the buyer to understand the reasoning for the amount f cover he is purchasing so that, in the future if the buyer needs to review his policy then he will know how much to increase or decrease his cover by.

Which Types of Covers are Suitable for Me?

There are many types of life insurance plans and term life insurance is only one of these types of covers. Income protection plans, Total Permanent Disability insurance and Trauma Insurance plans are three other types of life insurance products. Your insurance advisor should be able to guide you and tell you which type of cover is ideal for you and why.

Which Policy Comes with a Conversion Clause?

Policies that come with a conversion clause can be converted or renewed into the policy of your choosing later on without having to produce proof of insurability. Purchasing a policy with a conversion clause is usually a good idea since your needs may change in the future and so should your policy.

How Can I Make a Claim For the Selected Policy?

Each insurer has a different set of rules and regulations that buyers must follow while filing a claim for compensation. Some of the general rules that apply to all policies include meeting basic eligibility criteria and submitting proofs along with the claim, such as proof of illness, proof of injury or proof of death. Your insurance advisor will be able to provide you with the exact procedure for filing a claim with the selected insurer.

Can I Get Discounts on the Selected Policy?

Depending on your health status, smoking status and your willingness to pay premiums every year in advance to the insurer, you may be eligible to get one or more discounts while purchasing income insurance, term life insurance or other types of personal insurance plans. If you are interested in getting the most from your policy then remember, to ask your insurance advisor about additional perks such as the day one accident benefit and the guaranteed renewability benefit.

What are the Restrictions of the Selected Policy?

All policies have some restrictions, such as some policies may offer a long waiting period where as other policies may offer a short benefit period. Some policies may have exclusions or premium loading fees or restrictive definitions as part of the contract. To make sure that you get the best policy in your budget, be specific and ask the insurance advisor to explain the terms of the plan.

When Does the Policy Come Into Effect?

Before agreeing to purchase a life insurance plan, ensure that you know the exact date your policy will start and how many days the waiting period will be active. You may also want to clarify doubts you may have about the length of the benefit period or the length of the contract.


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