What to expect when buying life insurance

Buying life insurance can be a good decision at any point in your life, but some people may delay getting the protection they need because they are unsure how to find an advisor they can trust, they are confused by the language of life insurance, or they simply don’t understand the application process. The good news is that, like a lot of things that can initially feel overwhelming, life insurance is really not that complicated once you understand a few of the basics.

Ask around

One of the first steps to making the right life insurance purchase for your specific needs is to find an advisor you can trust. The best way to do this is to simply ask family and friends about who they worked with when getting their insurance protection. Personal referrals will help you find an advisor who is knowledgeable and who can walk you through the process so that you can feel confident about the decisions you make. Don’t be afraid to speak with a few advisors before deciding which one you are most comfortable working with.

Ask questions…lots of questions

Like a lot of industries, life insurance has a language of its own and it can be confusing for someone who is new to the whole experience. Don’t be afraid to ask your advisor what a specific term means or to have them explain the various insurance options in a way that you can understand. If your advisor can’t explain, in plain language, everything you need to know to make an informed decision, you may want to interview for a new advisor.

Answer questions…lots of questions

In order to get the best life insurance coverage for your needs, at the best possible cost, you are going to be asked a lot of questions to determine your financial needs in terms of insurance coverage, and to assess your general health. This is because the insurance company that will be issuing your policy needs to evaluate your risk of illness or death, depending on what type of policy you are applying for. There will be questions about your health, your recreational choices – for example, do you enjoy skydiving and mountain climbing, or are your leisure hours spent playing cards and hiking trails around your neighbourhood? Everything about who you are specifically will be considered in terms of what type of policy you qualify for and how much that policy will cost.

The most important thing to remember is that you MUST answer every question you are asked fully and with total honesty. Leaving out anything or providing misleading information may cause a claim against your policy to be denied and potentially leave your loved ones financially insecure in the event of your death or debilitating illness.

Say ahhhhhhh!

You will most likely be required to take a medical exam. What information will be collected during the exam, i.e., height, weight, blood, urine, will depend on the type, and value, of the life insurance you are applying for. If a medical exam is required, this article can help you to prepare.


Don’t put it off any longer

The most important thing about purchasing life insurance protection is doing it! Help is out there! If you feel the process is overwhelming or you don’t know where to start, here are some resources to start with: